Reliance Private Equity to close Rs 1,500 cr fund by Sept
  • This Section
  • Latest
  • Web Wrap
Last Updated: Thursday, August 20, 2009, 17:19
  
New Delhi: Reliance Private Equity, an Anil Ambani Group company, on Thursday said it expects to close its first Rs 1,500-crore fund by the end of next month.

"Fund raising work is in the process ... we hope to close the fund by the end of September," Reliance Equity Advisors Chief Executive Officer Ramesh Venkat told reporters.

The private equity player is talking to major banks and financial institutions, including Life Insurance Corporation, and hope to get commitment of about Rs 1,500 crore.

Discussion are on with big banks like State Bank of India, Punjab National Bank, Bank of Baroda, Canara Bank for the commitment, he said.

The ADAG group company would contribute about Rs 300 crore to the fund which will invest in various sectors.

On the investment horizon, Venkat said that fund invested would be for the period of 3-5 years.

The firm expect utilisation of corpus in 15-18 months, he said, adding that investment would be made in 12-15 companies.

Average ticket size of investment would be around Rs 150 crore, he said, adding that the company is in the process of identifying the target companies for investment.

The first investment could be as early as towards the closure of the fund, he added.

Bureau Report


First Published: Thursday, August 20, 2009, 17:19


comments powered by Disqus