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SBI, Macquarie, IFC enter pact to float $2 b fund
State Bank of India in a tie-up with Macquarie Group and the International Finance Corporation is floating a $2-billion fund for investment in infrastructure in India. The partners together bring in $450 million to start the fund and the balance will be raised from international and domestic investors.
State Bank of India in a tie-up with Macquarie Group and the International Finance Corporation is floating a $2-billion fund for investment in infrastructure in India. The partners together bring in $450 million to start the fund and the balance will be raised from international and domestic investors.
SBI and Macquarie on Wednesday signed an agreement to set up a fund management company, the bank said in a release here.
The fund, scheduled for launch by the end of the second quarter of 2008, will provide equity and mezzanine debt instruments like fully convertible and optionally convertible debentures for investment in roads, ports, airports and power.
It will also look at investment opportunities in infrastructure-related assets and businesses such as logistics companies, and railway rake companies which provide forward and backward closure to infrastructure, said an SBI official. Macquarie and SBI have already identified a strong pipeline of investment opportunities which were under assessment, he said.
The fund is expected to have its first closure in the next six months, followed by multiple closures for international investors in the next 12-18 months, the official said.
SBI and Macquarie on Wednesday signed an agreement to set up a fund management company, the bank said in a release here. 
