Kotak Mahindra Bank Ltd.

The Kotak Mahindra group (Kotak) has marked first close of its infrastructure private equity fund raising commitments of approximately $90 million (Rs 490 crore). In addition to Kotak, commitments have been received from the Sumitomo Mitsui Banking Corporation, Japan (SMBC), an affiliate of Brookfield Asset Management (Brookfield), Japan Bank for International Co-operation (JBIC) and a leading insurance group.

The Fund, Core Infrastructure India Fund, will invest in companies engaged in power generation/ transmission, transportation (roads, ports, and airports), water treatment and supply, waste management, gas transmission, distribution and storage etc. in India. Kotak Mahindra (UK), Singapore branch is the investment manager of the fund.

SMBC, the core financial institution of Japan's second largest financial services group in terms of market capitalization, with a significant presence in infrastructure project finance globally and Brookfield, a global alternative asset manager with over $175 billion in assets under management and over a 100-year history of owning and operating assets with a focus on property, renewable power, infrastructure and private equity, have participated in the fund as Cornerstone Investors.

Additionally, JBIC, the policy financing financial institution of the Government of Japan, with a track record of financing infrastructure globally, has committed to the fund, and this investment marks its first ever direct commitment to a fund dedicated to financing only Indian infrastructure. In the first close, Kotak, SMBC and Brookfield have committed in excess of $50 million (Rs 275 crore). Further, they have nominated experienced professionals to the investment team and to the investment committee.