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Next Orbit Ventures (NOVF) ESDM, a newly established Abu Dhabi-based fund, has launched a US$2 billion fund to invest in India's semiconductor and electronics industries.
Mumbai-based private equity firm Next Orbit Ventures set-up the fund under the regulation of the Abu Dhabi Global Market financial center after receiving funding commitments from the Gulf region.
Around $1.5 billion for the fund will be raised from the region, while the remaining $500 million has been secured from a consortium of investors involving both the Indian government and ultra high net worth individuals, NOVF said.
The investments are aimed at creating the required infrastructure to cope with India's fast-growing market for electronic goods and components.
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