Worbus plans fund to fuel growth of SMEs in India

Kolkata, Nov 21: US-based management consultancy firm Worbus International LLC plans to invest 300 million dollars in SMEs in India over the next year from its investors from Europe and United States.

SMEs in India depend on debt to fund their growth. Funds from private equity investors and venture capital would be invested through direct equity participation in SME segments, Worbus's international Director George Molakal told reporters here today.

Worbus, offering its services in Europe, Middle East and Asia apart from US, is also planning to execute about 70 projects worth one billion dollars in India.

The company already has several outsourcing contracts from its clients in North America and Europe and has alloted more than 600 million dollars to India specific SMEs.

"We have completed more than 25 projects in India till date involving 150 million dollars. It includes telecom, automobile, engineering and white goods sectors, " he said.

Worbus would park the funds in the SMEs for a period of 3-5 years to fuel growth of the SMEs, he said.

The company is also looking at floating India specific infrastructure and real estate funds, he added.

UNI