Piramal Group's PE to raise $185 mln in new fund

MUMBAI Fri Dec 7, 2012 10:16am IST

Related Topics

Stocks

   

MUMBAI (Reuters) - IndiaVenture Advisors, a private equity fund owned by Indian drugmaker Piramal Enterprises, is planning to raise up to 10 billion rupees for a new fund that will invest in healthcare and education, its chairman said.

Investors have stepped up ploughing money into the healthcare sector in India, home to more than 1.2 billion people, betting on steadier returns than in other businesses that have been hit by an economic slowdown.

"It's a defensive sector and is recession-proof," IndiaVenture Chairman A.K. Purwar told Reuters. "On top of that, we have our parent group's strength to leverage and do better value addition."

IndiaVenture currently manages about 3.7 billion rupees.

Private equity investments in Indian healthcare have nearly quadrupled to $520.36 million so far this year from $137.41 million in the same period a year ago, according to Thomson Reuters data.

In comparison, private equity investments across all sectors in India have fallen 17.5 percent to $3.26 billion from $3.95 billion during the same period last year, the data showed.

"We are about to start formal marketing of the fund," said Purwar, a former chairman of top lender State Bank of India.

The bulk of the fund would be raised from India, while global investors would be tapped for about 20 percent, he said.

Piramal Enterprises, controlled by billionaire Ajay Piramal, is one of India's leading healthcare firms. It sold its India formulations business to U.S.-based Abbott Laboratories for $3.7 billion in 2010.

(Editing by Ranjit Gangadharan)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Press Event

Press Event

Modi takes tea, but no questions, in first press event as PM.  Full Article 

School Shooting

School Shooting

Two killed, four wounded in Washington state school shooting.  Full Article 

Sundar Pichai Elevated

Sundar Pichai Elevated

Google's Pichai to oversee major products and services.  Full Article 

Need For Reforms

Need For Reforms

Euro zone risks "relapse into recession" without structural reforms - Draghi.  Full Article 

Diwali Sales

Diwali Sales

Gold sales jump about 20 pct for Diwali - trade body  Full Article 

World Bank Rival

World Bank Rival

Three major nations absent as China launches W.Bank rival in Asia  Full Article 

Wal-Mart India

Wal-Mart India

Murali Lanka appointed as Wal-Mart India operations chief  Full Article 

Health Of Lenders

Health Of Lenders

25 European banks set to fail health checks - sources.  Full Article 

India Insight

India Insight

Kalki Koechlin on her role as a disabled girl in “Margarita, With a Straw”  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage