Commodities tycoon Anil Agarwal seeks $5 bn for turnaround fund: Report

The billionaire is working with London-based Centricus Asset Management Ltd on the fund, which will have a 10-year life span and use a private equity-type strategy

Commodities tycoon Anil Agarwal is seeking at least $5 billion for a fund targeting companies being sold off by the Indian government, according to people familiar with the matter, marking a return to the strategy that made him wealthy.

Agarwal is targeting an initial close of $1 billion or more for the proposed India Direct Investment fund, the people said, asking not to be identified because the plans are private. He is already scouting for targets and could spend nearly $10 billion on the first few acquisitions, one of the people said.

The billionaire is working with London-based Centricus Asset