3i India Infrastructure Fund raises $1.2 bn

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New Delhi, Apr 16: Leading global private equity firm 3i Group Plc today said it has raised 1.2 billion dollars for its 3i India Infrastructure Fund. The company has exceeded the one billion dollar target by 20 per cent, a statement said. The Fund was established to apply the successful investment strategy of 3i's global infrastructure business to the rapidly growing Indian infrastructure market.

3i, had in 2007, formed a strategic partnership with the state-owned India Infrastructure Finance Corporation Ltd (IIFCL) to cooperate on financing infrastructure projects in the country. This was one of the first such agreements between the government and a third-party investor to support the estimated 450 billion dollars of infrastructure investment required by 2012.

The 3i India Infrastructure Fund obtained commitments from a diversified group of 16 limited partners from ten countries across Europe, North America, Asia and West Asia. 3i Infrastructure Ltd and 3i have each committed 250 million dollars to the Fund, the statement added.

''The closure of this Fund significantly above target will enable projects with a capital value of up to five billion dollars to be completed,'' 3i Infrastructure business Managing Partner and Head Michael Queen said.

UNI

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