SBI Cap Ventures to float funds for SMEs and affordable housing
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Mumbai, 19 NovemberSBI Capital Ventures (SVL), an alternative asset management arm of the State Bank of India group, will float two funds. One, of Rs 4-billion for small and medium enterprises (SMEs) and a Rs 3.5-bn one for affordable housing. This is part oSBI Cap Ventures to float funds for SMEs and affordable housing
Mumbai, 19 NovemberSBI Capital Ventures (SVL), an alternative asset management arm of the State Bank of India group, will float two funds. One, of Rs 4-billion for small and medium enterprises (SMEs) and a Rs 3.5-bn one for affordable housing. This is part of a plan to expand its portfolio of funds. SVL is a subsidiary of SBI Capital Markets.Both funds are targeting closure in the second half of the next financial year (2019-20). The SME fund will be broad-based, covering both manufacturing and services. The affordable housing fund will focus on the metropolitan areas of Mumbai, Chennai, Kolkata and Delhi; also on Pune, Ahmedabad, Hyderabad and Ahmedabad. It will take stakes in Special Purpose Vehicles for a particular project. Says Varsha Purandare, managing director at SBI Capital Markets: «With these two funds, we are looking forward to strengthening our foothold in economically and socially relevant sectors.» While the gap in debt funding to SMEs is increasingly being bridged by .. Read more