As part of the growing western interest in Indian economy, Sir Peter Burt, the former chairman of ITV, is to chair a new private equity fund focused on investing in India.
Sir Peter will become chairman of Promethean India, a spin-off of the Promethean private equity vehicle run by his son, Michael. Like its sister fund, Promethean India will be listed on London's Aim market and it is understood to have investors lined up including Bank of Scotland, where Sir Peter was once chief executive, and Alliance Trust.
Promethean India, which will become the latest in a string of companies to tap the London markets for cash earmarked for India, will be run by Mohit Burman, a member of the family that runs the Dabur Group.
Mohit's brother, Gaurav, who has a senior role at its sister fund in London, will also be involved in the running of Promethean India, which will be based in offices in Delhi and Mumbai.
According to The Daily Telegraph, the fund is understood to have a pipeline of potential deals, which will include, but not be limited to, the financial services sector. It will also target Indian firms in need of operational or financial restructuring and others which are domestically focused but which have potential for international expansion.
Among Promethean India's non-executive directors will be James Hauslein, the majority shareholder of the speciality retailer Sunglass Hut.