Mumbai: A group of private equity (PE) investors led by New York Life Investment Management LLC and Jacob Ballas Capital India Pvt. Ltd has bought about 30% in Centrum Direct Ltd, the foreign exchange business unit of Centrum Capital Ltd, two people aware of the development said. The PE funds invested about $50 million (Rs340 crore) to acquire the stake, the first of the two people cited above said, adding New York Life Investment Management will invest about $20 million. Jacob Ballas, along with New York Life Investment Management, manages three India-focused private equity funds—New York Life International India Fund, New York Life Investment Management India Fund and NYLIM Jacob Ballas India Fund III—with over $600 million assets under management. Jaspal Bindra: Return of the prodigal sonIn a similar deal, NYLIM Jacob Ballas India Holdings, and Jacob Ballas Capital India had together invested about Rs50 crore in Adlabs Entertainment Ltd in 2014.

Source: Mint January 31, 2017 17:44 UTC