George Soros' Quantum Fund has picked up an undisclosed stake in India-based Future Capital Holdings (FCH), the financial services arm of retail czar Kishore Biyani's Future Group, The Economic Times reported without naming sources.
Och-Ziff Capital, one (NYSE:COF) of the world's largest hedge funds, has sold part of its 10 pct stake in FCH to Quantum, the report quoted the unnamed sources as saying.
It added the deal is believed to value FCH, which is expected to launch its IPO within a few weeks, at 1 bln usd.
FCH chief executive Sameer Sain declined to comment, the paper said.
According to the report, the move is part of the investment strategy of Soros to pick up stakes in the booming Indian real estate, retail and financial services sectors. Quantum Investment Fund currently has a stake in India's Reliance Capital.(CNN Money)