Tata Capital to close fund-raising for $400-mn PE fund in 6-months

Tata Capital, the financial services arm of the Tata Group, expects to close fund-raising for its $350-400 million private equity corpus within the next six-months, a senior company official said.

"We are still in the fund-raising mode. We expect to close it in the next six-months or so," Tata Capital's Chief Financial Officer, Govind Sankaranarayanan, said on the sidelines of a conference here today.

Tata Capital, had, last year announced the floating of a $350-million private equity fund.

It had said it would infuse anchor investment in the venture through which it proposed to tap the domestic and international sources for raising funds. "We are doing the fund-raising from a variety of sources... Domestic and international," Sankaranarayanan said.

Tata Capital would not restrict itself to investing in just a few select sectors. "We are sector-agnostic and our investments will be spread across multiple sectors. We are also open to mid-market companies. It (investment) will not be all at one go," he said.

Besides private equity, Tata Capital is into retail, corporate and construction and infrastructure financing, as well as the securities business.

The company is currently ramping up its consumer and home-finance loan business by setting up outlets in 71 cities across the country.