Swaraj Singh Dhanjal
The company is said to have held talks with 4-5 funds, including Oman India Joint Investment Fund (OIJIF), over the past two to three months.
PE and VC deal making in India has seen record activity in recent years, with 2018 setting a new high of $35.1 billion, but global cues could play spoilsport.
India will remain among the top five markets globally for the world’s largest PE and alternative assets manager, said its president and COO Jonathan Gray.
The money will be used to fund the construction of new wind and solar power plants.
The India Inflection Opportunity Fund will invest in companies that are 8-10 years old and are at an inflection point in terms of growth or size.
The firm has so far invested in two home-grown startups—Shadowfax and Zolo Stays.
TPG Capital and Manipal Group are currently said to be conducting due diligence on hospital operator Medanta.
PVR has appointed investment banks Kotak Mahindra Capital and CLSA to manage the fundraising process.
The drop in deal value is mainly due to the lack of large, $1-billion-plus deals last month.
The funds were raised through issuance of NCDs, making it the lender’s fifth such offshore debt fund-raise in the last seven months.