ICICI plans $2 billion infrastructure fund

MUMBAI/BANGALORE: The country’s second largest bank, ICICI Bank is now in the process of setting up a $2 billion infrastructure fund. The fund will be managed by the bank and not by ICICI Ventures. This will be the largest infrastructure fund by an Indian entity to hit the market.
Credit Suisse, which is helping ICICI Bank raise the funds, is in the process of tapping global investors. Roadshows have kicked off and the bank has already spoken to many global investors. It has received soft commitments for around $500 million, according to sources. Depending on the interest in the fund, the bank may also expand the size to above $2 billion.

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