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2015-01-28

Hornbill to raise $250 million to invest in Indian firms

Exchange and regulatory data showed that overseas investors have been big boosters of Indian shares, with net purchases of $16.1 billion in 2014.

Hornbill Orchid Fund, an India-focused firm partly owned by one of China's oldest private equity managers, Orchid Asia has said that it will raise $250 million for a long-short fund, said Manoj Thakur, Managing Partner, Hornbill Orchid.

"Hornbill Orchid Fund plans to buy into high-growth companies and short companies with weak business models to capitalise on strong foreign investor interest in India. It is the right time to get into the market as inflation is slowing down and the supply-side constraints are being removed. We see a huge appetite from overseas investors for Indian equities," Thakur told Reuters.

Thakur is very optimistic about sectors that would benefit from domestic consumption given expectations for a recovery in the economy after two consecutive years of below 5 per cent growth.

"With falling inflation, real wages are going up. We are therefore bullish about the domestic consumption theme. We believe that the drop in fuel prices will benefit urban consumer's more than rural consumers," he said.

Exchange and regulatory data showed that overseas investors have been big boosters of Indian shares, with net purchases of $16.1 billion in 2014. Foreign institutions have put $977.3 million so far this year.

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