Business Daily from THE HINDU group of publications
Monday, Oct 08, 2007
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Business Daily from THE HINDU group of publications Monday, Oct 08, 2007 ePaper |
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Infrastructure Markets - Foreign Institutional Investors Industry & Economy - Venture Capital
Macquarie Bank Group-IFC fund to pick equity in infrastructure assets. PFC’s fund to primarily look at plugging the equity gap faced by power projects. 3i’s fund will primarily focus on power, ports, airports and road projects in early-stage and mature infrastructure operations. Anil Sasi New Delhi, Oct. 7 The trickle of private equity money into the country’s infrastructure sector is now turning into a deluge, with a slew of billion-dollar funds dedicated to core sector financing on the anvil. Australia’s Macquarie Bank Group and the International Finance Corporation are slated to jointly launch a $1-billion ‘Macquarie India Infrastructure Opportunities Fund’, while Power Finance Corporation’s $1-billion ‘India Power Fund’ and the UK-based 3i Plc’s $1-billion ‘3i India Infrastructure Fund’ are among the dedicated core sector funds on the horizon, industry players said. So far, about a third of all private equity (PE) investments into India this year have been focussed on the booming real estate, followed by banking and financial services, and manufacturing sectors. The infrastructure sector has more or less been on the backburner for PE firms so far. Macquarie fundIn the case of the proposed ‘Macquarie India Infrastructure Opportunities Fund’, Macquarie is to take a 90 per cent stake in the asset management company for the close-ended fund, and IFC the remaining 10 per cent. The proposed fund is slated to pick up equity in infrastructure assets, including a range of greenfield and brownfield assets in sectors such as roads, airports, ports, power generation, transmission & distribution, and telecom towers. According to official estimates, India could need investments to the tune of $20 billion each year. ‘India power fund’PFC’s proposed ‘India Power Fund’ has a target size of $1 billion, in which the state-owned lending organisation is slated to commit Rs 200 crore ($49 million) and maintain an equity level of up to 29 per cent. The fund already has commitments from domestic institutions, including Life Insurance Corporation of India as well as Oriental Bank of Commerce. India Power Fund would primarily look at plugging the equity gap faced by power projects, PFC officials said. 3i fundThe UK-based 3i Plc’s launch of its first infrastructure fund for the country, the ‘3i India Infrastructure Fund’, also has a target size of $1 billion. The fund has been established within the framework of the strategic partnership agreement announced by 3i and India Infrastructure Finance Company Ltd in April this year. The first billion-dollar infrastructure fund launched by a foreign institution, the ‘3i India Infrastructure Fund’ will primarily focus on power, ports, airports and road projects in early-stage and mature infrastructure operations, industry players said. Macquarie Bank, IFC to launch $1 b infra fund Singapore cos mull funding of IT park projects here Blackstone investment in NCCL okayed Citigroup Property to invest $500 m in Indian real estate biz More Stories on : Infrastructure | Foreign Institutional Investors | Venture Capital
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