The Iceland-based investment bank, Askar Capital on Tuesday said it has plans to float a $500 million private equity (PE) fund with Nikhil Gandhi-promoted Sea King Infrastructure (SKIL). Both Askar Capital and SKIL will hold 50% stake each in the fund.
Askar Capital, CEO, Tryggvi Herbertsson, said the fund would capitalise on a diverse and exciting range of investment opportunities in India and the wider South-East Asian Region. Both firms will contribute to managing private equity investments.
The private equity platform will operate within a multi-sector framework, looking to aggressively commit capital in particular to small-and medium-sized enterprises. Both Askar Capital and SKIL have already identified a healthy pipeline of investment opportunities in the region.
“Private equity is a core business area for Askar Capital globally. Our investment strategy in India will primarily be in the domain of real estate, infrastructure and private equity. Our fund with the SKIL group is a step to move in this direction. The setting up of this private equity platform in India is another important step for us in growing our business in this region,” Mr Herbertsson said.
Askar Capital, managing director Pavan Bakshi, in charge of Indian business said the economic environment in the region today offers great opportunities to grow and build niche businesses. “The private equity platform will have considerable investing power to invest in the high potential SME sector in India, besides other available investing opportunities,” he said.
Source: Economic Times