The financial services arm of Indian conglomerate Tata is to launch a $300 million private equity fund focussed on Africa, reports say.
The $100 billion-revenue Group has interests in an array of businesses from consumer products and chemicals to IT services and engineering and owns Britain's Jaguar Land Rover as well as Taj Hotels
The new PE fund will operate out of Mauritius and focus on investments in the consumer goods, agriculture, renewable energy and financial services, a senior company executive told Reuters.
For the fund, the company would be mainly tapping manpower resources from within the Tata group, which employs about 4,000 people in different parts of Africa.
The announcement was made during a conference organized by the Mauritian government on investment opportunities in the region.
Mauritius has been promoting itself as a gateway to Africa for companies and investors from India and other countries.
The Tata group has a presence in 13 countries in the continent with annual revenues totalling $3 billion.BLOG COMMENTS POWERED BY DISQUS