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Journalism of Courage
Punjab National Bank (PNB) and Infrastructure Leasing and Financial Services (IL&FS) have signed a memorandum of understanding (MoU) for setting up a private equity fund — the Leverage India Fund — that would invest in domestic companies. The sectors identified for the purpose are telecom, oil and gas, ports, water supply and surface transport.
According to a press release, the fund would have a commitment period of five years and life of 10 years. It would invest in equity and equity-related instruments of 15-20 Indian companies having a successful track record of stable and consistent cash flows. The secondary focus of the fund, jointly managed by PNB and IL&FS’ venture capital subsidiary IL&FS Investment Managers Ltd, would be on sectors in which Indian companies have a global competitive advantage, it said.
