Tata Capital to launch PE business

Tata Capital to launch PE business
PTI
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First Published: Tue, Feb 03 2009. 04 21 PM IST
Updated: Tue, Feb 03 2009. 04 21 PM IST
New Delhi: Financial services firm Tata Capital on Tuesday said it is planning to launch its private equity business by the end of first quarter of the next financial year.
“We will be launching our private equity business by the end of first quarter of the next financial year,” said Tata Capital managing director and CEO Praveen P.
The PE business would be funded by Tata Capital’s own and third-party investments.
Kadle said the company was in talks with domestic and international players for third-party investments in the PE business.
“The first round of funding by the PE firm will be around $350-$500 million....the fund will invest across all sectors,” Tata Capital, head, investment banking J. Niranjan said.
Tata Capital, a wholly-owned subsidiary of Tata Sons, had earlier announced the appointment of Shailendra Bhandari as head of its private equity business.
Bhandari, former managing director and CEO of Centurion Bank of Punjab, has held leadership positions in Citibank, HDFC Bank and ICICI Prudential Asset Management Company, where he was the CEO.
The PE business would first look at the non-listed companies in the Tata ecosystem and divestment opportunities after that, Kadle added.
The issue has an option to retain over-subscription of up to Rs1,000 crore.
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First Published: Tue, Feb 03 2009. 04 21 PM IST