Alternative investment manager Investcorp on Wednesday said it has launched its operations in India through the acquisition of the private equity and real estate investment management businesses of IDFC Alternatives, a subsidiary of IDFC.
The acquisition, which has already received the required regulatory approvals from the Securities and Exchange Board of India, is expected to close on Thursday. The combined assets under management (AUM) of the India private equity and real estate businesses are approximately $430 million, Investcorp said.
Mohammed Alardhi, executive chairman of Investcorp, said IDFC is a fantastic addition to the company’s portfolio from an investor perspective. “This acquisition will be instrumental in our plans to grow our investments into the country as part of our wider Asia strategy,” he said.
The PE business, led by Girish Nadkarni and Gaurav Sharma, currently has two active funds. The team focuses on investing in grassroots consumption-driven businesses within the healthcare, consumer products, financial services, food and agriculture, media and telecom sectors.
The real estate business, led by Ritesh Vohra, also has two active funds. The current funds provide structured senior credit within the residential real estate sector with a focus on projects in Mumbai, Bangalore, Hyderabad, Chennai and the National Capital Region.
Rishi Kapoor, co-chief executive officer of Investcorp, said rising incomes, strong growth and stable policies, including reforms like the Goods and Services Tax regime, make India particularly attractive for investment. “We see great potential for the Indian market and have ambitious plans for the years ahead,” he said.
Source: Financial Express