Religare-Milestone Cap to invest Rs 35 cr

NEW DELHI: Religare-Milestone Capital is close to investing about Rs 35 crore each for minority stakes in a coaching institute for management entrance tests and a specialty hospital in Assam, the first investments from the Rs 600-crore fund aimed mainly at the education and healthcare sectors.

The Delhi-based private equity (PE) fund will also get management say in the Institute of Management Studies, which has around 100 branches, as well as the Assam hospital, two persons familiar with the matter said. The identity of the hospital is not known. An arm of Religare Enterprises and Milestone Capital formed Religare-Milestone as a joint venture with equal stakes in April.

Religare���s Malvinder and Shivinder Singh are the former promoters of pharmaceutical company Ranbaxy Laboratories, which was acquired by Japan���s Daiichi-Sankyo last year. They also run hospital chain Fortis Healthcare, a diagnostic chain and other allied healthcare businesses.