Kotak raises $90 million Indian infrastructure fund
Date
March 14, 2013
Subscribe to our newsletter and get the latest news and business opportunities in your inbox
Kotak Mahindra Group has announced the first close of its India-focused infrastructure fund with around $90 million (Rs 490 crore) commitment. Sumitomo Mitsui Banking Corporation (SMBC) of Japan and an affiliate of Brookfield Asset Management are cornerstone investors of the fund called Core Infrastructure India Fund Pte Ltd.Kotak, SMBC and Brookfield have committed in excess of $50 million at first close and also nominated professionals to the investment team and the investment committee.Besides these two and Kotak, the fund has also got commitments from Japan Bank for International Co-operation (JBIC) and an unnamed insurance group. Kotak Mahindra (UK) Ltd, Singapore branch, is the investment manager of the fund.The total target size of the fund is around $250 million. Kotak has announced that there may be more than one additional closing before a final close and that the final close of the fund is expected in the next 12-15 months.The fund will invest in companies engaged in power generation/transmission, transportation (roads, ports and airports), water treatment & supply, waste management, gas transmission, distribution & storage, etc., in India.
