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Mumbai, July 9 JM Financial India Fund will invest Rs 40 crore ($10 million) in Spandana, a microfinance organisation in India.

JM Financial India Fund is a $225-million corporate private equity fund, sponsored by JM Financial Ltd and Old Lane Partners LP.

Spandana operates in India through its 300 plus branch network in Andhra Pradesh, Karnataka, Maharashtra, Orissa and Tamil Nadu, with a client base of over 10 lakh.

The investment by JM Financial India Fund will be used to expand Spandana’s branch network and to pursue growth opportunities both organically and through acquisitions, said a press release.

The release quoting Mr Dilip Kothari, Managing Director, JM Financial India Fund, said: “We believe that Spandana is well placed to benefit from its unique positioning in the niche microfinance sector and the multitude of untapped opportunities that can be customised to meet the needs of the semi-urban and rural masses.”

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