ICICI Bank’s PE Arm Seeks Up to $750 Million For Infrastructure Fund – Sources

(Reuters) – ICICI Venture, the private equity arm of No. 2 Indian lender ICICI Bank (ICBK.BO: Quote, Profile, Research, Stock Buzz), is looking to raise as much as $750 million from overseas investors for its $1 billion infrastructure fund, two sources with direct knowledge of the matter told Reuters on Wednesday.

The private equity firm, which manages more than $2 billion of assets, has launched international roadshows to market the fund, which will invest in roads, ports and airports in India, said the sources, who declined to be identified as they were not authorised to speak to the media.

When contacted, chief executive of ICICI Venture Vishakha Mulye said it was in the process of raising funds.

“We have already received in-principle commitments for up to $100 million from the domestic market. We also propose to approach international markets for our fund raising,” Mulye said, but declined to elaborate on the fund’s international component.

(Reporting by Indulal P.M.; editing by Malini Menon)