India’s Infra Lender NaBFID Plans $500 Million Equity Fund

India’s National Bank for Financing Infrastructure and Development (NaBFID) is planning to raise about $500 million to create its first equity-focused fund, according to people familiar with the matter, bolstering its capacity to support infrastructure projects in the world’s fastest-growing major economy.

The state-owned lender plans to set up an equity-focused alternative investment fund at GIFT City, India’s international financial hub, and is in discussions with the hub’s regulator, the International Financial Services Centres Authority (IFSCA), the people said, asking not to be identified as the information is private.