ICICI Bank to launch pvt equity fund for SMEs

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Kolkata, Aug 18 : ICICI Bank Ltd will come up with a private equity fund within the next six months in order to focus on small and medium enterprises (SMEs). The initial corpus for the fund is likely to be around $200 million, said Sanjeev Sehrawat, general manager, business banking group.

“We would be looking for investors from the overseas market for this new product,” he said, at a seminar on alternative avenues to SME financing organised by the Confederation of Indian Industry in Kolkata on Monday.

At present, 8-9% of the bank’s total loan portfolio is for the SME sector and is growing at a rate of about 2-3% every year, Sehrawat said.

“We finance all kinds of SME sectors but at present our marketing team is focussed on pharma, jewellery, textile, auto, and ITeS SME clusters,” he said.