Nonsovereign Project | 40901-014



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Project Number 40901-014
Country India
Location India
Approval Number 7234
Type or Modality of Assistance
7234 Investment Fund-Equity Investment-LLC USD 20.00 million Committed
Strategic Agendas Inclusive economic growth
Drivers of Change
Sector / Subsector

Finance - Infrastructure finance and investment funds

Gender Equity and Mainstreaming
Responsible ADB Department Private Sector Operations Department
Responsible ADB Division Portfolio Management Division, PSOD
Responsible ADB Officer Anshukant Taneja
Project Sponsor(s) Blue River Capital Management Company I, LLC
Objectives and Scope The Fund provided expansion financing to middle-market companies in India in export sectors such as specialty chemicals, textiles, automotive components, and IT services in which India can sustain competitive advantage because of its low labor costs and abundant resources. Domestically, the Fund focused on large industries that are not capital-intensive or prone to excessive competition such as manufacturing and business services, which are anticipated to grow in response for India's need for improved infrastructure, efficiency and quality of life.
Linkage to Country/Regional Strategy ADB's country strategy and program for India states that the private sector has a leading role to play in achieving growth targets. ADB's investment in this Fund contributes to resource mobilization, improved financial intermediation, and investment in private sector projects. ADB has made major efforts to provide long-term finance for small and medium-sized enterprises (SMEs) in India, as well as to address issues associated with improving the overall enabling environment. The role of the financial sector in delivering ADB's operational objectives is critical with respect to poverty reduction, governance, and private sector development.
Status of Development Objectives By investing in the Fund, ADB achieved the following developmental objectives: (i) Private sector development was stimulated thereby creating jobs and supporting the middle class; (ii) Equity was provided to address the shortage of risk capital for SMEs; (iii) Sustainable employment was created in the investee companies; (iv) Increased equity finance for entreprenurial companies; (v) Demonstration effect achieved through pivate equity teams, which will develop a body of experienced finance professionals and provide support to a first-time fund manager; (vii) Management advice provided to entrepreneurial companies on financial planning, business expansion strategies, human resource develoment and corporate governance; and (viii) the Fund's investment contributed to the development of the regulatory and legal environment in India.
Safeguard Categories
Environment FI
Involuntary Resettlement C
Indigenous Peoples C
Summary of Environmental and Social Aspects
Environmental Aspects
Involuntary Resettlement
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
Timetable for assistance design, processing and implementation
Concept Clearance 10 Jan 2006
Due Diligence 10 Dec 2005
Credit Committee Meeting 22 Mar 2006
Approval 08 Jun 2006
PDS Creation Date 20 Mar 2006
Last PDS Update 30 Sep 2014
Title Document Type Document Date
Proposed Equity Investment Blue River Capital I Reports and Recommendations of the President Apr 2006

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