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A recently established company formed to invest in businesses established or operating in India has joined AIM. Promethean India, a spin-off of the Promethean private equity group, has raised £50 million before expenses after its shares where valued at £1 each.

The Isle of Man incorporated company intends to invest at least half of the proceeds within the next 12 months. It will target private and public companies and will be non-sector specific.

The company, which will operate from offices in Delhi and Mumbai, will make investments in cash only and will not use shares in the company to pay for any deal.

The fund’s investments will be managed and advised by Mohit Burman, a member of the family that runs the Dabur Group. His brother, Gaurav, who is a founder of its sister fund in London, will also be involved in the running of Promethean India. Its chairman is Sir Peter Burt, who has held the same post at ITV.

This is the second AIM listed company whose investments will be managed by this team, the first being Promethean plc, which has to date made a number of successful acquisitions.

Promethean India’s nominated adviser was Insinger de Beaufort, with Fairfax as its broker. A team headed by Simon Atiyah at Lovells advised Promethean while Wedlake Bell, led by head of corporate Chris Putt, provided legal services to Insinger.

Insinger’s team was led by corporate finance director Nandita Sahgal, who said the firm’s work on the deal involved its corporate finance team and its operation in India.

“Our substantial experience and extensive network in the Indian investment environment yielded the initial introduction and was instrumental in achieving a successful execution of the transaction.

“We are very pleased to be working with Promethean India,” she added. “We have great respect for the knowledge and skills of the highly connected and credible advisory team at Promethean with a track record of successful investments in India.”

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