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Monday, Jul 10, 2006

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ChrysCapital to invest $555 m in India

Preeti Mehra
Neha Kaushik

New Delhi , July 9

Private equity firm ChrysCapital is planning to invest $555 million in India over the next 3-4 years from its fourth fund. The firm has already made one investment from this fund and is close to inking another in the manufacturing domain within the next couple of weeks.

"We plan to invest from the fourth fund over a span of the next 3-4 years. Sectors of focus include financial and IT services, pharma, manufacturing, infrastructure and consumer discretionary spending," Mr Ashish Dhawan, Senior Managing Director, ChrysCapital said.

ChrysCapital had last week announced an investment of $50 million for an undisclosed stake in Parksons Packaging, which was also its first investment from its fourth fund.

With the fourth fund, the total assets under management at ChrysCapital have gone up to $1 billion. Since 1999, when the firm announced its first fund of $60 million, the assets under management have been consecutively doubling with the private equity firm raising $125 million for the second fund and $225 million for the third, Managing Director Mr Sanjiv D. Kaul explained. The private equity firm on an average invests around $20-50 million, and stays invested for anything between 3-7 years.

Although the firm is bullish about investment opportunities in the country, it is not inclined towards using the buy-out route for making investments in India. "Although buy-outs are popular in the US, the Indian market we feel, has not attained that level of maturity yet," Mr Dhawan said. As a part of its investment strategy, the firm looks at returns on investment of over 30 per cent from its deals.

The private equity firm's past investments include Intas pharma, Yes Bank, Suzlon Energy, IVRCL, Gammon India, Shriram Group companies, Simplex among others.

Related Stories:
ChrysCapital picks up stake in Parksons
ChrysCap to invest in Shriram group cos
Suzlon raises Rs 100 cr

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