SBI Holdings said on Wednesday it has agreed with State Bank of India to form a $100 million venture capital fund.
The fund will focus on investments in unlisted companies in India, SBI said in a statement to the Tokyo Stock Exchange. The two companies will jointly manage the fund.
State Bank of India is India's biggest commercial bank.
SBI, a fund originally set up by Japanese Internet and telecom conglomerate Softbank Corp, managed a total of 203.3 billion yen ($1.76 billion) in assets as of March 31.