UK’s Dawnay Day to launch $200-300mn offshore India Funds

UK’s Dawnay Day to launch $200-300mn offshore India Funds
PTI
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First Published: Sun, Apr 01 2007. 06 25 PM IST
Updated: Sun, Apr 01 2007. 06 25 PM IST
Mumbai: UK-based Dawnay Day International, the $10 billion investment company, will raise $200-300 million through two offshore funds to invest in India.
Dawnay Day AV (DDAV) -- the joint venture company of Dawnay Day International and investment banker Alok Vajpeyi -- will act as advisors for the investment in India, DDAV Vice- Chairman Alok Vajpeyi told PTI.
“The two offshore funds will be together in the range of $200-300 million and will be India centric,” he said, adding that while one could be in the range of $200 million, other could be of a smaller amount.
The funds to be raised in the next 12 months will be invested in public markets in diversified sectors, he said.
Dawnay Day, which is operating in India through three subsidiaries - financial services provider and advisory firm Dawnay Day AV India, Dawnay Day Hotels India and real estate development firm Dawnay Day India Land, is awaiting regulatory nod to launch its Asset Management Company in India.
“We have the in-principle approval for the AMC business and we hope to launch the company by the year-end,” Vajpeyi said.
Also, the company will undertake a massive expansion of its security brokerage business. It plans to have a network of 200-300 branches in the next 36 months, he said.
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First Published: Sun, Apr 01 2007. 06 25 PM IST
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