AV Birla Group Starts Private Equity Business

AV Birla Group is entering private equity business. It is expected that the first investment will be made within a fortnight. It is doubtful if the Mumbai based group, with presence in aluminum, copper, carbon black and financial services, will raise capital from outside for the proposed private equity activities. It seems that the initial contribution may come in from Aditya Birla Nuvo, the holding firm for the group’s financial services business. Aditya Birla Nuvo had raised about $1 billion, which may be reserved for PE. Later on, the firm will raise on-shore as well as offshore funds. Mr. Bharat Banka, president and head of corporate finance of the group, will head the PE business. Mr. Banka joined as the CFO when Mr. Sumant Sinha moved over to the retail business a year ago. For business purpose, recruitment of professionals is going on.

Among all multinational company, Reliance Capital has a successful private equity business and Future Group of Kishore Biyani is also in the list.

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