ICICI Venture, the private equity arm of Indian bank ICICI, has hired Manikkan Sangameswaran, former chief of the Babcock & Brown Infrastructure India unit, to head its “soon to be launched” $500 million infrastructure fund, according to a report in Reuters.
The fund, expected to be launched by July, will invest in sectors such as cement, power, telecom, oil and gas, construction and banking across India. It will also try to tap both domestic as well as international investors for the fund, a market source suggested.
The basic aim of the fund is to capture the opportunity presented by the long-term growth potential of the Indian infrastructure sector, ICICI’s website said.
India has targeted an investment of $1 trillion for its XIIth Five Year Plan (2012 to 2017) and expects half of the funding to come from the private sector.