JM Financial India Fund, a private equity fund sponsored by JM Financial, an Indian financial services firm, and Old Lane Partners, a New York based hedge fund, will invest Rs40 crore (USD 10 million) in Spandana, a microfinance company based in Hyderabad, Andhra Pradesh.

According to a JM Financial release, the investment would be used to expand Spandana’s branch network and pursue growth opportunities, both organically and through acquisitions.
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