Public sector lender State Bank of India (SBI) has made announcement that the bank has inked a Joint Venture pact with Macquarie and IFC.

The source close to the bank said that the main motive behind entering into JV is to build and control an Infrastructure Private Equity Fund for investing in Indian Infrastructure projects and Companies.

According to the reports, the JV agreement is based on the earlier MOU inked on April 16, 2008.

The fund will be functional on receipt of requisite regulatory sanctions.