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ICICI Aims at $100m through Infrastructure and Real Estate Fund
Wednesday, January 23, 2008

ICICI has launched its Infrastructure and Real Estate Fund through which it aims to initially raise $100 million from the Gulf Co-operation Council and African countries.

Elaborating the same Mr. Chetan Mehra, regional head, Private Banking and NRI services (GCC and Africa), said that the fund is largely focused on Middle Eastern investors and gives them the chance to be part of India's growth story. The fund, which offers a drawdown and close-ended option, will have a minimum investment level of $50,000 (Dh183,500) and will be open to all nationalities.

The drawdown facility will provide investors with the option of staggered investment by paying 50 per cent of investment amount upfront and the balance within six months. Besides, it will allow investors to make disciplined investments since it is a three-year, close-ended scheme, with restricted liquidity after the first year.

The fund will be exclusively available for ICICI Bank Global Private Clients on a private placement basis. Investment advisors to the fund will be ICICI Bank's asset management arm in India, ICICI Prudential Asset Management Company Limited, and it will be advised under the guidance of Nilesh Shah, Chief Investment Officer, ICICI Prudential AMC.

 

 

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