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Leading US billionaire Sameul Zell may set up an office in India to start private equity operations. Zell last year sold his real estate firm Equity Office to private equity fund Blackstone for $36 billion. In April this year, Zell bought out Tribune Corporation, the company which owns Los Angeles Times and The Chicago Tribune.
India is now one of the countries Zell is eyeing. His Equity Group Investments plans to "accelerate existing activities in China, start operations in India, where distressed investment opportunities are popping up, and expand in the Middle East and North Africa," Reuters quotes Gary Garrabrant, chief executive of Equity International, as saying.