New Delhi: 3i Group Plc, a London-based global private equity firm, today announced that it has raised $1.2 billion for the India Infrastructure Fund that will enable it to finance projects in power, ports and other core sectors with a total value of up to 5 billion dollars.

Earlier, 3i Group had announced to invest $1 billion in India's infrastructure sector, and had entered into a strategic partnership with the state-owned India Infrastructure Finance Company Ltd (IIFCL) last year.

The raised funds are 20 per cent higher than the target, said a company statement. Finance Minister P Chidambaram had earlier announced the strategic partnership of 3i with the IIFCL for financing infrastructure projects, which are estimated to require over $450 billion of investment by 2012.

The company has received funds from 16 investors in 10 countries across Europe, North America, Asia and the Middle East. It aims to finance 10 infrastructure projects and has already spent $328 million for stakes in two companies, it said.

The new fund will be an unlisted vehicle, and would invest primarily in new power, ports, airports and road projects and mature infrastructure operations, it said.

3i and its subsidiary 3i Infrastructure propose to invest $250 million each in the fund, subject to the approval of their shareholders. Other partners would also be roped in for additional investments, it added.
Source : PTI