State Bank of India’s private equity capital arm has scaled up the target for its Climate fund by five times to Rs 2,000 crore on growing emphasis on investments in clean technology and environment-friendly businesses.
This climate and environment-focussed fund started off with a corpus of Rs 400 crore. When it approached the market for commitment, it got good traction from global investors. This led to scaling up of its corpus target, SBI group executivessaid.
SBICap Ventures, an SBI group company that is managing the fund, has already got commitment from European Investment Bank (EIB) for about Rs 215 crore. It is also talking to financial institutions from Japan and the United Kingdom for commitments. Investment by a Japanese agency is likely