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Religare, Milestone Capital form $127 Million JV
By siliconindia
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Mumbai: Making funds available for education and healthcare, financial services firm Religare has formed a joint venture (JV) with Mumbai based venture capital (VC) firm Milestone Capital to manage a $127 million fund (
600 crore). The venture aims to invest in specialized hospitals, diagnostic clinics and medical device firms among others.
The money for the fund will be raised in India with Religare and its affiliates contributing $13 million (600 million) for the fund, which already has a corpus of 1 billion. "Education and healthcare are two sectors which we believe are poised for balanced growth, so the fund would also look at investing in schools," said Sunil Godhwani, CEO and Managing Director, Religare.
The fund would not invest more than 600 million rupees in a single company and help in expansion of a company having good growth potential. Shares of healthcare firms lost about a third of their value in 2008, far lower than over 50 percent plunge in India's benchmark index.
600 crore). The venture aims to invest in specialized hospitals, diagnostic clinics and medical device firms among others.
The money for the fund will be raised in India with Religare and its affiliates contributing $13 million (600 million) for the fund, which already has a corpus of 1 billion. "Education and healthcare are two sectors which we believe are poised for balanced growth, so the fund would also look at investing in schools," said Sunil Godhwani, CEO and Managing Director, Religare.
The fund would not invest more than 600 million rupees in a single company and help in expansion of a company having good growth potential. Shares of healthcare firms lost about a third of their value in 2008, far lower than over 50 percent plunge in India's benchmark index.