The Oman India Joint Investment Fund (OIJIF) will be raising about $350 million for a new fund, according to a source. An equal joint venture between State Bank of India (SBI) and State General Reserve Fund (SGRF), OIJIF will start raising money from December. SGRF is Oman´s sovereign wealth fund.
Formed in 2010, OIJIF started with a corpus of $100 million. The fund has made five investments since 2011. Its current investments include National Commodity and Derivatives Exchange Ltd, ING Vysya Bank Ltd and Solar Explosives Ltd. The new fund will invest in sectors such as single-brand retail, specialty chemicals, pharmaceuticals and industrials. The average ticket size will be about $15 million. The initial agreement signed between SBI and SGRF allows the corpus to be expanded to as much as $1.5 billion, depending upon the experience of the first fund.