State Bank of India (SBI), the nation’s largest lender, is setting up a dedicated unit to cater to project financing needs of emerging sectors like artificial intelligence (AI), e-commerce, and fintech.
Ashwini Kumar Tewari, Managing Director at SBI, revealed that the initiative will be completed within a year and will involve the hiring of specialized professionals. The bank is also in the process of appointing an external consultant to streamline the establishment of this unit.
This new unit, named the “Center of Excellence for Project Financing,” aims to expand SBI’s project finance and structuring division, which has traditionally focused on large-scale infrastructure projects. With growing demand, the bank is shifting its focus towards new-age industries and renewable energy, which are increasingly contributing to its project financing portfolio.
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India’s infrastructure modernization drive, spearheaded by Prime Minister Narendra Modi, is expected to create significant opportunities for these sectors. SBI’s annual report states that in the fiscal year 2024, the bank financed 48 large projects through its project finance and structuring unit.
Beyond funding, the Center of Excellence for Project Financing will also serve as a knowledge-sharing hub, offering insights to other financial institutions, Tewari added.
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