Economic Development Partner
Neev fund is the outcome of a partnership between SBI and UK’s Department for International Development (DFID) and is an infrastructure private equity fund focussed on creating sustainable development. The fund’s mandate is to invest in eight low income/developing states in India (viz. Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Odissa, Rajasthan, Uttar Pradesh and West Bengal) with a focus on infrastructure sub-sectors such as renewable energy (e.g. solar, wind, hydro, bio-mass energy, etc.), agricultural supply chain (e.g. warehouses, cold storages etc.), healthcare, education, urban infrastructure (e.g. water and sanitation, solid waste management etc.), and roads. The fund works on the principle of “double bottom-line” proposing to raise resources to make available capital assistance to portfolio entities, so as to achieve long-term capital appreciation while promoting developmental objectives.