New Indian Cleantech Fund to Invest $150 Million

Oct 21 2009 | 1:24pm ET

India’s Prithvi Sustainability Innovation and Technology Fund, the latest player in the country’s burgeoning cleantech market, plans to invest $150 million in companies addressing air, water and soil contamination.

The fund is promoted by Shankar Rele, CEO of the investment consulting firm, and Parmod Sheddy.

Rele told VCCircle they expect a first close of $100 million by January 2010, and a final close in March. The fund will tap U.S. and UK investors including institutions, individuals and hedge funds. At the same time, says Rele, the fund is in negotiations with potential investee companies and will make its first investments following the January close.

Potential investee companies including those in biofuels, air and water pollution management, soil conservation and organic farming, renewable, solid waste management, biomass combustion and more.

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