"In India, largely, 80 per cent to 90 per cent comes from overseas in any private equity. At Global Gujarat Fund, the entire investment is domestic and a large amount was contributed by domestic investors," Chief Executive Officer and Director of GVFL Harish Pattnaik told reporters here.
"The Golden Gujarat Growth Fund-I was closed on December 17, 2004, with a corpus of Rs 426 crore. Two big investors were Government of Gujarat and Life Insurance Corporation of India which contributed Rs 100 crore each," Pattnaik said.
The Golden Gujarat Growth Fund also include investors like Union Bank of India, Central Bank of India, Dena Bank, Bank of India, Syndicate Bank, SBH, SBM, SBT, NABARAD, GIC, Oriental Insurance, New India Assurance and United India Insurance, Pattnaik said.
"Originally, we wanted to raise Rs 1000 crore -- around Rs 500 crore from domestic investors and Rs 500 crore from overseas investors," he said.
According to Pattnaik, the fund has invested in four entities so far.