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Bahrain's Taib Bank to invest in India fund
By siliconindia staff writer
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Thursday, 01 July 2004, 19:30 IST
MANAMA: Bahrain-based investment bank Taib Bank said on Wednesday it planned to invest in and manage a $110 million India fund in cooperation with India's IL&FS Investment Managers Limited (IIML).
The Leverage India Fund will invest in 20 equity and related instruments of Indian firms involved in manufacturing, engineering and infrastructure, the bank said in a statement.
It said Taib would target high-net worth individuals and institutions in Gulf Arab states to invest in the fund.
"We want to give our clients the opportunity to invest in a portfolio of carefully selected and managed private equity in some of the most dynamic sectors of the Indian economy," the bank's CEO Iqbal G Mamdani said.
Apart from being the lead investor, Taib will market and manage the fund in collaboration with IILM, a leading private equity fund management firm in India.
Taib has assets of about $300 million and offers both conventional and Islamic banking services.