India boasts of one private equity firm for almost every day of the year. In other words, there are about 400 of them in the country, which itself indicates how hot the sector is.
Four out of five of them have offices in Mumbai. Moreover, for the first time ever, India has overtaken China in the value of private equity deals concluded in a 12-month period, according to a recent survey (see http://www.redherring.com/Home/23515).
Indian firms received $ 9.9 billion in private equity capital in 2007, while China got $ 9.5 billion and Taiwan got $ 5.8 billion.
Among the big deals in India were Blackstone’s investment of $ 170 million in Gokaldas Exports and $ 150 million in Nagarjuna Constructions. The biggest private deal in India so far has been one by Carlyle, which invested $ 650 million for a 5.6 per cent stake in Housing Development Finance Corporation.