Chillin' out till it needs to be funded
I was mandated to recruit the private equity team and fine tune the strategy. And that’s my current focus. Obviously, with the current financial crisis, I am again involved in the finance and treasury side, but this is temporary.
It is touted as a $800 million-1 billion (Rs3,960-4,950 crore) fund? Is there a delay in floating the fund?
Those are numbers that we didn’t really talk about. We don’t have a definitive number in mind or fund targets. We want to place funds in two or three phases. A couple of months back, we initiated discussions with a closed group of potential investors known to this group (R-Adag) and who have some kind of prior relationship and have dealt with the group. So, we will raise money from this group somewhere in the January-March quarter of next year and then we will go out in the market. Yes, the timeline has shifted a bit, but not in a big way.
What is the profile of the group?
These are large institutional investors—couple of sovereign investors from the Middle East, some are from Europe and some the US. There is a universe of probably 1,000 investors. These are investors who have done business with us.