Leading global private equity and venture capital company, 3i Group plc,said it has raised 500 million dollar with the closure of first phase of the 3i India Infrastructure Fund.
The fund was established to apply the successful investment strategy of 3i's global infrastructure business to the rapidly-growing Indian infrastructure market.
3i has, as part of first close, committed a minimum of USD 250-million to the fund, with 3i Infrastructure Ltd committing USD 250 million.
The Fund, which is targeting USD 1-billion in commitments, will create a balanced portfolio of investments spanning the asset lifecycle and is managed by 3i's infrastructure investment team, a release issued here today stated.
The fund is the first to be established within the framework of the strategic partnership agreement announced by 3i and the India Infrastructure Finance Company Ltd (IIFCL) in April.
“In light of the substantial requirement for funding in the sector, the collaborative arrangement between IIFCL and 3i provides a strong push for funding infrastructure projects,” IIFCL's Chairman and Managing Director, S S Kohli, said.
3i Asia's Managing Director and Co-Head, Anil Ahuja, said “India offers strong growth opportunities for infrastructure investment. Our investment team is uniquely positioned to source attractive investment opportunities in the Indian infrastructure market and to deliver value to our shareholders and investors.”
Source: Trading Markets