Global private equity fund Blackstone Group on Wednesday said India was the best place for the fund to initially focus in Asia and indicated that it could increase the quantum of investment in the country from the $1 billion already declared.
"India is the best place to focus our efforts in Asia. We like the extent and direction of reforms, receptivity of entrepreneurs, the democratisation of this country and since we think fundamentals for the future of the economy are extremely promising we have decided to invest in India," Peter G Peterson, senior chairman of the group, said after a meeting with Planning Commission Deputy Chairman Montek Singh Ahluwalia.
Peterson refused to specify the sectors in which the world's biggest private equity fund would invest. However, he indicated that they would look at sectors like transport, energy, retailing and telecom to begin with.
"As a firm, we cannot specify sectors, we are not sector specific...but we will look at transport, energy, retail and telecom," he said.
On size of funds, senior managing director Akhil Gupta said, it would depend on the "deal flows" and the capacity of the country's economy to absorb. It was too early at this moment to give the specific though they have already allocated $1 billion, he said.
"This is the floor, the cut off, we don't have a limit. If we get a good deal we will go for a tie up," he said, adding overall, the fund was extremely bullish on India.
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