First low income state infrastructure equity parternship
Mumbai, 13 November, 2015: First low income state infrastructure equity partnership (i.e. the Neev Fund) was launched today by Hon. Prime Minister Shri Narendra Modi in UK in the presence of David Cameron, PM, United Kingdom.
In a joint statement, the two Prime Ministers recognized the importance of infrastructure for sustainable development and launched India’s first Low Income State Infrastructure Equity Partnership with co-investment from the UK Department of International Development and the State Bank of India. This aims to provide equity partnerships for small infrastructure development in sectors like water & sanitation, clean energy and urban infrastructure.
This high-profile launch reiterates the confidence in Neev Fund to achieve the ambition it is set out for, demonstrating sustainable and inclusive development through small infrastructure projects within target sectors.
On the occasion, Smt. Arundhati Bhattacharya, Chairman, SBI said “State Bank of India is proud to be associated with the Department for International Development (DFID) Government of UK for launching of the Fund which will invest in small infrastructure projects in eight low income states of the country. This fund will help small projects raise capital and in the long term it will givean impetus to the growth of the nation.”
About State Bank of India
State Bank of India (SBI), with a 208 year history, is the largest commercial bank in India in terms of assets, deposits, profits, branches, consumers and employees. The Government of India is the single largest shareholder of this Fortune 500 entity with 58.60% ownership.
The origins of State Bank of India date back to 1806 when the Bank of Calcutta (later called the Bank of Bengal) was established. In 1921, the Bank of Bengal and two other banks (Bank of Madras and Bank of Bombay) were amalgamated to form the Imperial Bank of India. In 1955, the Reserve Bank of India acquired the controlling interests of the Imperial Bank of India and SBI was created by an Act of Parliament to succeed the Imperial Bank of India.
The State Bank Group consists of SBI and five associate banks. The group has an extensive network; with over 20,000 plus branches in India and another 190 foreign offices spread over 36 countries across the world. As of 31st March 2014, the group had assets worth Rs. 23,95,981 crores, deposits of Rs. 18,38,852 Crores and capital & reserves in excess of Rs. 1,47,371 crores. The group commands over 23% share of the domestic Indian banking market.