Hinduja unveils $500m infra vehicle - report
The Hinduja Group, the diversified conglomerate founded in Mumbai by the Hinduja family, reportedly plans to establish a $500-million fund that will invest in Indian infrastructure projects.
According to the Business Standard, Hinduja will this year follow in the footsteps of the Tatas, the Birlas and the Ambanis, who have each launched sector-agnostic funds engaged in private equity investment. It will particularly concentrate on deals involving roads, ports and the power sector.
The company’s India chairman, Ashok Hinduja, revealed that Hinduja is currently recruiting a private equity team. “Once the right team is in place, we will start fundraising,” he said. The management contribution will be around 25% of the fund.
News of the fund launch comes after Japanese financial group Nomura Holdings was said to have postponed its plans to launch a $500 million India-focused infrastructure fund in January due to the uncertain economic environment. Two sources said at the time that the firm had not yet started speaking to potential LPs, despite having planned to go to roadshows in October.
Infrastructure-focused private equity funds raised $5.4 billion from investors last year - 40% less than in 2007, according to research by Venture Intelligence. Seven funds raised $8.8 billion in 2007.
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