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January 30, 2019

Investcorp marks India foray with purchase of IDFC businesses

Bahraini investment manager Investcorp has entered the Indian market by acquiring the private equity and real estate investment management operations of IDFC Alternatives.

The private equity business is headed by Girish Nadkarni and Gaurav Sharma, while the real estate business is headed by Ritesh Vohra.

The businesses manage two active funds each and together oversee around $430m in assets.

Focus of the private equity unit is on offering exposure to grassroots consumption driven businesses. These cover healthcare, consumer products, financial services, food and agriculture, media and telecom industries.

The real estate business offers structured senior credit within the residential real estate sector.

The priority is on projects in Mumbai, Bangalore, Hyderabad, Chennai and the National Capital Region.

Investcorp co-CEO Rishi Kapoor said: “Rising incomes, strong growth and stable policies including reforms like the national Goods and Services tax regime make India particularly attractive for investment.

“We see great potential for the Indian market and have ambitious plans for the years ahead.”

Investcorp did not reveal how much it paid for the acquisition, which already secured the regulatory nod.

The transaction is expected to be wrapped up by the end of this month.

Investcorp executive chairman Mohammed Alardhi said: “Our first direct investment into the Indian market is a major milestone for our business, which also marks our focused expansion into Asia.

“IDFC is a well-recognised brand and a fantastic addition to Investcorp’s portfolio from an investor perspective.”

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