Axis Private Equity Ltd, a leading PE firm sponsored by Axis Bank, is planning to take its corpus to Rs 1,800 crore, tripling its current Rs 600 crore ($400 million).
Industry sources said Axis PE, which plans to make the first closure of the additional fund by December this year, is expected to close the Axis India Fund by March 2010. The Mumbai-based firm, which has already deployed Rs 400 crore, is expected to sign two-three deals worth Rs 80-100 crore each in a couple of months.
When contacted, Alok Gupta, MD& CEO, Axis PE Ltd, said, “I do not want to comment on fundraising plans due to regulatory issues.” However, he confirmed plans of signing more deals this year. “We are in the final stages of negotiations with companies with infrastructure-related business for acquiring stakes. The deals could be in the range of Rs 80-100 crore.”
Axis PE has signed only a single deal so far this year, with a Rs 54-crore investment in Shalivahana Green Energy Limited (SGEL) in June. Secunderabad-based SGEL is a leading renewable energy company with focus on development and operation of biomass and small hydro power projects.
The PE is an arm of private sector Axis Bank. Its deals include a Rs 75-crore investment in Neesa Leisure, which develops and operates resorts and hotels under the Cambay brand, and Rs 67 crore in Corrtech International, which is involved in the oil and gas transportation infrastructure business.
It has also invested $30 million in Delhi-based railway line manufacturer Harish Chandra India Ltd (HCIL) and $15 million in Vishwa Infrastructures and Services, which executes projects in the water supply and sanitation sector.