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

India-China Ties

REUTERS SHOWCASE

India-US Diplomacy

India-US Diplomacy

Obama to nominate Indian-American Richard Verma as India ambassador - congressional source.  Full Article 

GMR in Nepal

GMR in Nepal

Nepal clears India’s GMR plan for $1.4 bln hydroelectric plant.  Full Article 

LIC on Markets

LIC on Markets

LIC chairman bullish on Indian markets  Full Article 

India Rains

India Rains

Monsoon rains weaken as late retreat looms.  Full Article 

Infosys-Huawei

Infosys-Huawei

Infosys partners with China's Huawei for cloud-based services  Full Article 

Gold Outlook

Gold Outlook

Gold imports seen up, premiums likely to double on festive buying  Full Article 

Trade Dispute

Trade Dispute

U.S. to press India on trade row during Modi's Washington visit  Full Article 

Reuters India Mobile

Reuters India Mobile

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