Indian infrastructure specialist IDFC Private Equity is raising a new $700 million fund to buy stakes in firms expected to thrive as the country modernises its rag-tag power and transport networks.
IDFC's MD for investment, Satish Mandhana, said fund would close in the next two to three weeks, with 85% of money from abroad. Foreign investors are increasingly drawn to Indian infrastructure, as government estimates about $500 billion will be needed to build new roads, ports, airports and power plants by 2012 to keep pace with a fast growing economy.
Around 30% of that spending is expected to come from private sector, with rest split between federal and state governments.
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