SBI Ventures to manage ₹20,000cr maritime fund under ₹25,000cr push
SBI Ventures (formerly SBICAP Ventures) just got the job of managing a massive ₹20,000 crore Maritime Investment Fund. This fund is part of a bigger ₹25,000 crore push to upgrade India's ports and shipping industry.
SBI Ventures will handle everything from raising money to picking where it gets invested, all aimed at giving India's maritime sector a real boost.
Maritime AIF with 49% government backing
The MIF will be set up as an Alternative Investment Fund under Indian law, with 49% backed by the government and 51% coming from private players and institutions.
The plan is to attract global investors using feeder funds in GIFT City and split investments across different parts of the maritime industry.
They're hoping for an initial close of ₹5,000 crore within a year, with the final close completed within 36 months from the first close, making it easier to access long-term support in this space.