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Monday, April 06, 2009

SBI and Macquarie Group launches infrastructure fund

To invest in infrastructure projects in India

State-run lender State Bank of India (SBI) and Australia's Macquarie Group today, 6 April 2009 launched the Macquarie-SBI Infrastructure Fund (MSIF), which will invest in infrastructure projects in India.

SBI said the fund is expected to raise between $2 billion to $3 billion. International investors have committed $887 million to MSIF along side a direct company investment commitment of $150 million by SBI, bringing total capital raised to $1.037 billion.

MSIF is managed by the SBI and Macquarie joint venture, with the International Finance Corporation (IFC), a member of the World Bank Group, as a minority shareholder and cornerstone investor in MSIF.

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