World Bank group's private sector lending arm International Finance Corp aims to invest $1 billion in India

NEW DELHI: World Bank group's private sector lending arm International Finance Corp (IFC) plans to invest USD 1 billion in India during its current fiscal, up to June 2013.

In recent years, the IFC has substantially increased its business in India.

"Our total investment target for India is USD 1 billion this (fiscal) year," Regional Director, Infrastructure and Natural Resources at IFC, Anita George said here today. IFC follows July to June financial year.

Nearly half of the total targeted amount has already been invested in the country. "(About) USD 400 to 500 million has been invested," she said.

Among its recent investments, IFC had pumped in USD 75 million into Indian financial conglomerate Religare Enterprises through compulsory convertible debentures.

Since 1956, IFC has invested in 264 companies in India, providing over USD 7 billion in financing for its own account and USD 2.1 billion in mobilisation from external resources, according to IFC website.

"Our held portfolio of USD 3.7 billion (as of June 2011) makes India IFC's largest country of operations. In recent years, we have grown our business substantially in India," says the website.