DMI Income Fund, a Singapore-based Foreign Portfolio Investor, said it invested $7.8 million (₹49.5 crore) in June in Non-Convertible Debentures issued by Delhi-based real estate player Ansal API Group.

The fund was created to provide foreign investors a platform to participate in India’ s growing credit markets.

DMI expects to invest $200-250 million in Indian corporate credit over the next 12-18 months. The fund invests in listed, rated and secured Indian corporate debt. It generates quarterly returns and is open-ended.

The fund will be managed in Singapore by IIFL Capital DMI Management Services, a wholly owned subsidiary of DMI Finance.

Shivashish Chatterjee, co-founder and joint-MD, DMI Finance, said: “India needs hundreds of billions of dollars in debt capital. Global investor interest in Indian local currency corporate debt is high.

“We expect this interest to rise further as local markets are opened and existing barriers to entry are dismantled.”