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-WTO Row

REUTERS SHOWCASE

Market Eye

Market Eye

Nifty falls most in nearly 3-1/2 weeks; Sensex down over 400 points  Full Article 

Factory Activity

Factory Activity

Factories post fastest growth for 17 months in July  Full Article 

Paying for Bail

Paying for Bail

Jailed Subrata Roy gets office to negotiate hotel sales.  Full Article 

Rupee Dips

Rupee Dips

Rupee posts biggest weekly loss since record lows in August.  Full Article 

Reviving Infosys

Reviving Infosys

CEO Sikka says to improve business with new growth avenues  Full Article 

Outlook Slashed

Outlook Slashed

ArcelorMittal cuts outlook as ore prices hit mining  Full Article 

Re-gaining Momentum

Re-gaining Momentum

China, Asian factory growth gathers pace; Europe falters  Full Article 

Factory Lockout

Factory Lockout

Pfizer says threats to managers force staff lockout at Mumbai factory .  Full Article 

Gold Smuggling

Gold Smuggling

In cat-and-mouse game, India uncovers new gold smuggling route.  Full Article 

Reuters India Mobile

Reuters India Mobile

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