Citigroup Inc., partnering Blackstone Group LP in an infrastructure fund in India, expects to raise $1 billion to build roads, ports and utilities by next month, after a delay in setting up the fund, reports Bloomberg from Mumbai.
“We are in the process of raising it,” Citigroup India arm Chief Executive Officer Sanjay Nayar  said in an interview on Friday.

Ease bottlenecks

Chief Executive Officer Charles Prince had said the New-York based bank, Blackstone and Infrastructure Development Finance Co will raise $5 billion to invest in India by last May. India plans to spend $475 billion by 2012 to ease bottlenecks constraining growth, attracting investors including 3i Group Plc.

The partners in February agreed to invest $250 million each for projects in India. Infrastructure Development Finance in July raised $519 million selling shares to fund projects.

3i Group, Europe’s buyout and venture capital firm, plans to raise $5 billion for a fund to invest in Indian ports, power plants and roads.