To launch India's first ever Rs 1000 cr Climate Impact Fund
EKI Energy Services announced a tie-up with Singapore based fund management company - Impact Capital Asset Management (ICAM) for launching India's first ever Rs 1,000 crore (125 million USD) Climate Impact Fund to develop climate change mitigation projects with a deep focus on community development across remote locations in India and other geographies. As an anchor investor, EKI will invest up to Rs 200 crore (25 million USD) and ICAM will raise the balance corpus from institutional investors and manage the fund.To this end, the Company has on 17 October 2022 entered into a term sheet with ICAM.
The fund will be incorporated as a Variable Capital Company (VCC) with a nominal capital which will be held by EKI and ICAM in the ratio of 51:49. As a shareholder of the fund vehicle, EKI will have no interest in the property of the fund, except to the extent of aforementioned contribution proposed to be made to the schemes of the fund.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
