Infrastructure Development and Finance Co is in the early stages of raising $1 billion-$1.5 billion for a new fund to invest in infrastructure in the country, two sources with direct knowledge of the matter told Reuters.
The funds will be raised for IDFC Project Equity, in which Citigroup and India Infrastructure Finance Co., a state-owned infrastructure finance firm, are key investors, the sources said.
The company already has a project equity fund, which manages about $930 million in roads, ports, airports and power projects.
The new fund, which is set to be launched in the second half of this year, will also invest in such projects, said the sources.
“We have invested nearly 80 percent of our first fund and exited a couple of investments. Now, we are looking to launch the second fund,” said one of the sources.
An IDFC spokeswoman declined to comment.
Source: Reuters