India’s JM Financial Raising PE Fund

SINGAPORE (Reuters) – Indian financial services firm JM Financial (JMSH.BO) is looking to launch a private equity infrastructure fund that aims to raise up to $400 million to tap into growing investor demand for the sector, an executive said on Thursday.

“We are very keen to start an infrastructure-related private equity fund. It could be up to $400 million,” Ashith Kampani, managing director of institutional corporate marketing at JM Financial Consultants, told Reuters.

The private equity fund could be launched later this year or early next year after gauging investor appetite, he said.

“We are open to putting seed money of between $50 million to $100 million and it may have an onshore as well as offshore tranche,” Kampani said.

Investors have become bullish on the sector as a decisive election result for the Congress-led government has raised hopes it may overhaul the country’s poor infrastructure.

Kampani was in Singapore for a roadshow organised by JM Financial and ICICI Securities, aimed at attracting international investors to finance India’s road network.

Kampani said government projections show road infrastructure alone would require at least $20 billion of investments over the next one year. (Reporting by Saeed Azhar; Editing by Muralikumar Anantharaman)