ICICI Bank plans $2 bn infrastructure fund

ICICI Bank plans $2 bn infrastructure fund

Mumbai: ICICI Bank is setting up a $2 billion infrastructure fund, the bank’s spokesman said on 7 September, confirming a media report.

A leading economic daily reported the bank would create a separate entity for the fund and was likely to contribute about 15-20% of the funds, without disclosing the source of the information.

The newspaper said Credit Suisse was helping ICICI to launch the fund, and that the bank aimed to raise cash from foreign investors who could commit funds for more than seven years.

The Mumbai-based bank is meeting global investors and expects to close the fund in about three months, Chanda Kochhar, deputy managing director at ICICI Bank, said on 7 September.

“There’s a lot of demand for funds from sectors like power, airports, roads and telecoms," Kochhar said.