ic2 Capital, a private equity firm, has launched a $250 million dedicated India fund to provide growth capital to mid-cap companies.
ic2 Capital, based in London and Delhi, is focused on growth capital investments of $5-$30 million in established mid-market companies in India. ic2 has identified hospitality, logistics, food, support services, media and defence as key sectors. This investment approach is underpinned by a commitment to work with management to build sustainable businesses which can operate to world class standards.
ic2 Capital is in advanced stages of due diligence and execution on three proprietary investments in hospitality, logistics and food. ic2 expects to invest approximately $50 million by the end of 2008.
ic2's prior investments include Bollywood media production and distribution company Eros International.
ic2 Capital firmly believes in corporate social responsibility and is establishing the ic2 Educational Trust which will support education in India.
ic2 Capital is managed by a senior management team with extensive corporate finance and private equity experience. It is led by Mr. Sukhbinder Heer, Executive Chairman and Founding Partner and Mr. Anmol Nayyar, Managing Director and Founding Partner. Mr. Heer was most recently Managing Partner of international accounting firm RSM Robson Rhodes and Mr. Nayyar was most recently responsible for the India practice of leading global law firm Ashurst.
ic2 Capital has a prominent and active advisory board which met between the 6th and 8th of October in Delhi. The advisory board is chaired by Sir Rob Young, the former British High Commissioner to India, and also includes Mr. Asad Pathan, who is the former chairman of Indian Oil and the Resident Director in Delhi for the Tata Group. Other members include Mr. Keith Ellis former global head of food and beverage at 3i plc and Mr. Stewart Towe CBE, CEO of Hadley Industries plc, an international manufacturing company.
Mr. Sukhbinder Heer, Executive Chairman and Founding Partner ic2 Capital said, “Businesses in the mid-cap in India present a tremendous value proposition. We believe that the Indian economy is fundamentally strong and offers significant growth potential. We are committed to India for the long term. Our proposed capital commitment over the next few months is substantial, and especially within the context of the current global economic climate, provides evidence of the strength of our belief in the Indian corporate sector.”
Mr. Anmol Nayyar, Managing Director and Founding Partner ic2 Capital said, “We have a potent spirit of entrepreneurship in India. As investment partners, we use the sector and management expertise of global private equity to harness this spirit and grow businesses which we expect to become industry leaders in India. We make a very personal and long-term commitment to our investee companies which we believe is essential to build and establish businesses of international quality”
Sir Rob Young, Chairman, Advisory Board, ic2 Capital added, “India has always maintained a strong economic relationship with Europe and especially the UK. Through private equity investment our aim is to promote knowledge corridors between UK/Europe and India in fields where quality management and technical advice and expertise will create high-growth businesses, benefitting the Indian economy.”
Source: PR