OPIC Commits $125 Million through Greater Pacific Capital to Expand Access to Capital for Medium-Sized Companies in India
October 22, 2018
(OPIC)
LONDON – The Overseas Private Investment Corporation (OPIC), the U.S.
Government’s development finance institution, today signed a $125 million
commitment with Greater Pacific Capital (GPC) to support growth capital to
medium-sized companies in India. OPIC Counselor to the President Frank Dunlevy
and Greater Pacific Capital Chief Executive Officer Ketan Patel signed the
agreement in London.
Access to risk capital remains limited for small- and medium-sized enterprises
in India, restricting their ability to grow, hire, and contribute to overall
economic growth. OPIC will contribute to a $700 million fund established by GPC
to expand access to financing for growing companies in India operating in the
healthcare, energy, technology, agricultural, and services sectors. By providing
greater access to expansion capital, the OPIC-supported fund will help narrow
the capital shortage that entrepreneurs and business owners face across India.
“Despite rapid growth in India’s financial services industry, small- and
medium-sized business owners continue to face a shortage of financing
options,” said OPIC President and Chief Executive Officer Ray W. Washburne.
“By responding to unmet demands for capital, this fund will help promising
Indian companies reach their full potential, fueling economic growth and
development throughout the country.”
“GPC is delighted to have the strong support of OPIC and appreciates its role
in backing investments in the exciting opportunity presented by India’s rise
at such an important time for the region and the world,” said GPC Founder and
Chief Executive Officer Ketan Patel.
GPC, an investing institution established in 2005, focuses on providing capital
to Indian companies with international growth ambitions. The firm’s investment
strategy focuses on investing in high growth businesses mainly in the
healthcare, technology and services sectors. Since its inception, the firm has
helped mobilize and invest over $1 billion of capital to high-growth companies
in these core sectors of the Indian economy.
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