OPIC commits $125 mn for Indian firms with international growth ambitions

Aiming to expand access to capital for medium-sized companies in India, the US government's development finance institution Overseas Private Investment Corporation Tuesday signed a $125 million commitment with Greater Pacific Capital (GPC).

GPC is an investing institution that focuses on providing capital to Indian companies with international growth ambitions.

OPIC will contribute to a $700 million fund established by GPC to expand access for growing Indian companies operating in the healthcare, energy, technology, agricultural, and services sectors, a release said.

OPIC Counselor to the President Frank Dunlevy and Greater Pacific Capital Chief Executive Officer Ketan Patel signed the agreement in London.

"By responding to unmet demands for capital, this fund will help promising Indian companies reach their full potential, fuelling economic growth and development throughout the country," said OPIC President and Chief Executive Officer Ray W Washburne.

OPIC helps American businesses invest in emerging markets and helps American businesses gain footholds in new markets, catalyses new revenues and contributes to jobs and growth opportunities both at home and abroad.

Since its inception, GPC has helped mobilise over $1 billion of capital to high-growth companies in these core sectors of the Indian economy.