Public RelationsLazard gets govt nod for India private equity fund
The government today cleared foreign fund house Lazard"s proposal to invest Rs 125 crore in its Lazard India Growth Fund, which will focus on mid-sized firms in the country.
Lazard India Growth Fund (LIGF) will be registered with market regulator SEBI as a venture capital fund and the LIGF Trust plans to invest heavily in the mid-market companies, stopping just short of acquiring controlling stakes, official sources said.
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Meanwhile, the government also approved US-based Lazard Group"s proposal to invest, directly or through its subsidiaries up to 51 per cent (Rs 25 lakh) in the paid up capital of LIAPL.
LIAPL will be registered with the Securities and Exchange Board of India as a venture capital fund and will engage in asset management and investment advisory businesses, officials said.