Private sector lender IndusInd Bank plans to raise a $1 billion fund
to invest in infrastructure and real estate. The bank announced this
at a meeting of IndusInd International Holdings Ltd, a platform to mobilise
NRI investments, in Dubai. The investors in Dubai are very keen on infrastructure
and real estate in India and bank plans to mobilise that sentiment.
IndusInd plans to partner with Indian firms that are known in the capital
market space and are in the process of floating funds of their own.
There have been a lot of investment in the Indian real estate from
countries in the Gulf region. In July this year Bahrain-based Khaleeji
Commercial Bank announced a $430 million investment in Global Logistix
city in navi Mumbai. The same bank has invested $164 million in an unnamed
real estate development project near New Delhi. In October 2007 Gulf
Finance House committed $630 million for Energy City India, an infrastructure
project being set up in Navi Mumbai, Maharashtra. In March this year,
Abu Dhabi Investment House (ADIH) also announced the launch of India
Entertainment City (IEC) fund, which would be financed through a $400
million Sharia-compliant fund.
