India's Magnetar plans $100m clean tech fund

India's Magnetar Venture plans to launch a $100 million fund focused on clean technologies to funnel growth capital into budding enterprises, and which will have implications for Smart Grid.

Magnetar hopes to rope in state-run firms working in the field or their units as key investors, Pillai told Reuters.

After stepping down as the head of energy and utilities business of IBM's India unit, Reji Kumar Pillai now heads the India government-founded India Smart Grid Forum to promote better technologies for power transmission.

“The fund will spot investment opportunities in areas like energy efficiency and storage, smart grids, electric vehicles, water management and surface transportation and already has a deal pipeline of 20 firms, he said.

"More than putting money into a solar or a wind farm, we will be happy to fund an entrepreneur who has come out with a solution to increase the efficiency of such solar farms and wind farms and better manage them."

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