Founder family seeks Rs 300 cr in Milestone sale

The family of late Ved Prakash Arya, founder of Indian private equity fund Milestone Capital, has sought Rs 300 crore from prospective buyers of the company, a business newspaper reported citing an unnamed source with direct knowledge.

Edelweiss Financial Services, Ashmore Investment Management, Arth Veda Capital, a unit of Dewan Housing Finance and L&T Finance are interested in the assets, the report said.

Standard Chartered is advising Milestone on the sale.

The family put Milestone on the block after its founder and chief executive Ved Prakash Arya died last year.

The fund currently manages about Rs 3,600 crore, the report said.