i Develop Stocks Advisory

IDFC arm to raise $700m Indian infrastructure specialist IDFC Private Equity is raising a new $700 million fund to buy stakes in firms expected to thrive as the country modernises its rag-tag power and transport networks. IDFC's MD for investment, Satish Mandhana, said fund would close in the next two to three weeks, with 85% of money from abroad. Foreign investors are increasingly drawn to Indian infrastructure, as government estimates about $500 billion will be needed to build new roads, ports, airports and power plants by 2012 to keep pace with a fast growing economy. Around 30% of that spending is expected to come from private sector, with rest split between federal and state governments.