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Singapore-based DMI Income Fund today said it has invested USD 7.8 million (about Rs 50 crore) as debt in realty firm Ansal API and plans to invest up to USD 250 million in Indian credit market.
Foreign portfolio investor DMI Income Fund "invested USD 7.8 million in June in non-convertible Debentures issued by the Delhi-based Ansal API group", the statement said.
This is DMI Income Fund's first investment in the Indian credit space.
Delhi-based Ansal API is developing various townships in north India.
DMI Income Fund was created to provide foreign investors a platform to participate in India's rapidly growing credit markets.
"The fund expects to invest between USD 200 million and USD 250 million in Indian corporate credit over the next twelve to eighteen months," the statement said.
DMI Income Fund invests in listed, rated and secured Indian corporate debt. It generates quarterly returns and is open-ended. In addition to unhedged USD and JPY classes, the fund also has hedged USD and JPY classes to give investors further product choice.
The Fund will be managed in Singapore by IIFL Capital Pte. Ltd. DMI Management Services Pvt Ltd (a wholly owned subsidiary of DMI Finance Private Limited) will act as the Indian advisor.
Shivashish Chatterjee, co-founder and joint-Managing Director, DMI Finance, said "India needs hundreds of billions of dollars in debt capital. Global investor interest in Indian local currency corporate debt is high. We expect this interest to rise further as local markets are opened and existing barriers to entry are dismantled".
Delhi-based DMI Finance Pvt Ltd, a RBI regulated non-banking finance company (NBFC) was set up in 2008. It has lent over Rs 1,500 crore to corporate and retail borrowers pan-India.