Mid-market private equity firm Samara Capital is looking to float a $550-million fund by the end of 2018, The Economic Times reported citing two people aware of the development.
The PE firm will use 70% of the new fund for buyout or control transactions, the report said.
Samara is currently investing out of its second fund.
The PE firm had raised $263 million for its first fund and $300 million for its second fund.
Samara was founded by former top Citigroup India executives Sumeet Narang and Gautam Gode.
Over the last one year, it has struck three deals including control-situation transactions. This includes a deal with a facility management services provider to set up an investment platform that will acquire companies in the segment.
In October last year, it bought a clutch of drugs from Novartis and in January this year, it co-invested in stent maker Sahajanand, an existing portfolio company, along with Morgan Stanley.
The PE firm exited Sharekhan Ltd when the broking firm was sold to BNP Paribas in 2016.
Earlier this week, VCCircle reported that Samara Capital had initiated the process to fully exit an agricultural seeds company.
Taj group to run Lutyen’s Delhi hotel
Tata group-controlled Indian Hotels Company Ltd has emerged as the successful bidder for The Connaught, a premium Delhi-based hotel, in an e-auction by the New Delhi Municipal Council (NDMC) on Wednesday, The Press Trust of India reported.
Indian Hotels Company has been granted the licensing rights of The Connaught for 33 years.
Citing a senior NDMC official, the report said Indian Hotels Company will pay 31.8% of the gross turnover or Rs 5.86 crore, whichever is higher, for The Connaught.
The Connaught was shut down by North Delhi Municipal Corporation (NDMC) in May 2016, after a probe into the murder of NDMC estate officer MM Khan showed the alleged involvement of then promoter Ramesh Kakkar, who was arrested along with six others in the case.
Kakkar also owed around Rs 140 crore as licence fees to the civic body. Khan was killed a day before he was to pass the final order on The Connaught’s lease terms.