SREI Infrastructure increases fund target to $1bn

The Indian infrastructure investor has increased its target for an India-focused infrastructure fund from $500m to $1bn. The fund will focus on both rural and urban infrastructure in India.

Indian infrastructure investor SREI Infrastructure Finance has increased the target for its India-focused infrastructure fund from $500 million to $1 billion, a spokesperson from the company told Infrastructureinvestor.com. However, he did not give a reason for the increase in target.

Srei Infrastructure targets
$1 bn for India

According to media reports, the company’s $1 billion fund will focus on power, roads, urban infrastructure and to some extent telecommunications infrastructure in rural India, as growth opportunities can be seen in that area.

Reports also suggest the company will raise $214 million for a domestic fund, the details of which are not yet known.

SREI infrastructure, like ICICI Venture’s planned $500 million infrastructure fund, is aiming to attract investments from around the world for India’s infrastructure sector – which is targeting $1 trillion in spending between 2012 and 2017 as part of its five-year plan. India’s five-year plans outline the government’s policies for growth and investment in different sectors of the economy.

Established in 1989, SREI is engaged in infrastructure financing and provides solutions spanning project financing, project advisory and project development along all infrastructure segments. The company, which has a customer base of more than 15,000 and manages assets of almost $2 billion, has 63 offices in India and three in Russia.