Private Equity firm Quadria today acquired Rs 410-crore Milestone Religare Investment Advisors Private Ltd with focus on healthcare and education.
Milestone Religare is an equal joint venture between Milestone Capital and Religare with focus on growth stage private equity investments in two rapidly expanding sectors in India – Healthcare & Education.
Both Milestone and Religare have agreed to sell their 100 per cent shareholding to Quadria Capital Investment Advisors which is owned by Amit Varma, the private equity firm said in a statement.
After completion of the transaction, Milestone Religare Investment Advisors Private Limited would be renamed as Quadria Investment Advisors Private Limited and would continue to supervise the fund in its existing form and shape, it said.
Confirming the development Shachindra Nath, Group CEO of Religare said, "Milestone Religare was established with Late Ved Arya and we along with Milestone have been reviewing the strategic option of transitioning the platform in experienced and stable hands."
Rubi Arya board member at Milestone Religare said, this is a joint decision made by both venture partners Religare and Milestone.
"We believe Quadria is best suited to now steer the fund to give the best return to investors," she said.
Varma has been involved with the Milestone Religare franchise from its inception as part of the Investment committee, Board of Directors of the Investment Manager and the Operational Head, it said.