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ICICI Venture has secured commitments of up to $270 million (Rs 16,850 million) for its debut infrastructure fund from potential investors, including Temasek, Life Insurance Corporation and General Insurance Corporation.
ICICI has received commitments of $150 million (Rs 9,360 million) from domestic investors and $120 million (Rs 7,490 million) from international investors. The $500-million India Infrastructure Advantage Fund was launched in July 2010.
Temasek, an investment company owned by the Singapore government, is understood to have committed $100 million to the new fund, which aims to raise $500 million (Rs 31,210 million) in the closure of the fund. According to sources, final discussions are on with many global investors and the fund may announce its first closure soon.
IDFC raised $644 million (Rs 4,057 crore) for its second infrastructure fund, India Infrastructure Fund II (IIF2), in September this year.
ICICI Venture's proposed infrastructure fund aims to invest in assets such as roads, ports, airports and seaports and companies operating in the infrastructure segment.
In the infrastructure financing space in India, ICICI Bank has maintained a leading position over the years.
India has set an investment target of $1 trillion for infrastructure in the 12th Five-Year Plan (2012-17).