The private equity arm of Indian private sector Axis Bank said on Tuesday its infrastructure fund had raised 6 billion rupees ($148 million). Axis Private Equity said it had already committed more than half of the fund, and it would focus on companies that build transport, irrigation, energy networks and hotel developers.
“The fund was raised within five to six months from its launch in turbulent market conditions,” the company said in a statement, adding it aimed to eventually raise up to $600 million. The federal government has estimated India will need about $500 billion between 2007 and 2012 to modernise and expand the country's creaky power and transport networks.
Several foreign firms such as 3i Group, Goldman Sachs, Macquarie Capital , Deutsche Bank and Indian banks are funding large projects such as roads, bridges, airports and power plants.
Source: Economic Times