The Hindu Business Line : Askar, SKIL plan PE fund eyeing SMEs

Mumbai, Nov. 27 The Iceland-based investment bank Askar Capital is setting up a 50:50 investment fund with Nikhil Gandhi-promoted SKIL Group to set up a $500 million private equity fund, as part of its initiative to enter the Indian PE market with a special focus on the SME sector.

The PE Fund, the name for which will be unveiled within a few days, will seek to capitalise on a diverse range of investment opportunities in India and the wider South-East Asian region. “The private equity platform will have considerable investing power and will operate within a multi-sector framework. We have already identified a healthy pipeline of investment opportunities in the region,” Dr T. Herbertsson, CEO of Askar Capital, told Business Line.

He indicated that the joint venture would announce the first project for PE investment within the next few weeks.

Mr Pavan Bakshi, Managing Director of Askar Capital, said the size of the project did not matter for the company to consider PE investment. He said the company, if necessary, would help re-structure the project in which it participated.

Mr. Nikhil Gandhi, Chairman of SKIL Group, said the company would assist Askar in identifying SMEs with a strong balance sheet and a healthy business outlook.

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