London : The United States government's development finance institution, Overseas Private Investment Corporation (OPIC), on Monday signed a USD 125 million commitment with Greater Pacific Capital (GPC) to support growth capital to medium-sized companies in India.
OPIC Counselor to President Frank Dunlevy and Greater Pacific Capital Chief Executive Officer Ketan Patel signed the agreement here, read a statement.
"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 USD 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," the statement read.
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," Washburne added.
GPC Founder and Chief Executive Officer Ketan Patel said, "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."
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.
The firm has helped mobilise and invest over USD 1 billion of capital to high-growth companies in these core sectors of the Indian economy.