ICICI Bank, India’s largest private-sector bank, will launch a $200 million (€136 million) private equity fund exclusively focused on small and medium enterprises in India, PEO has confirmed.
The fund will be established in the next five to six months, Sanjiv Sherawat, head of business banking at ICICI Bank, told Indian daily The Economic Times reported. The proposed fund will seek investments in the pharmaceutical, jewellery, textile and capital good sectors.
The fund will not be managed by ICICI Venture, the private equity unit of the bank, but will fall under the direct managmenet of ICICI Bank, according to remarks Sherawat made at an SME conference, the Business Standard reported.
ICICI Venture is among India’s largest private equity firms and manages more than $2 billion in real estate, private equity and mezzanine funds.