Singapore-based DMI Income Fund invests $7.8 million in NCDs issued by Ansal API

MUMBAI: DMI Income Fund, a Singapore-based Foreign Portfolio Investor, said it invested $7.8 million in June in Non-Convertible Debentures issued by the Delhi-based Ansal API group. It is the fund's first investment in the Indian credit space.

Ansal API is a realty and Infrastructure company. It operates in a range of business verticals such as integrated townships, condominiums, group housing, malls, shopping complex, hotels, SEZs, IT parks and infrastructure and utility services.

The fund, which was created to provide foreign investors a platform to participate in India's rapidly growing credit markets, expects to invest between $200 million and $250 million in Indian corporate credit over the next twelve to eighteen months.

The fund invests in listed, rated and secured Indian corporate debt. It will be managed in Singapore by IIFL Capital Pte. Ltd.

"India needs hundreds of billions of dollars in debt capital. Global investor interest in Indian local currency corporate debt is high. We expect this interest to rise further as local markets are opened and existing barriers to entry are dismantled," said Shivashish Chatterjee, co-founder and joint-Managing Director, DMI Finance.