Indian financial services-focused firm Religare Enterprises has acquired an additional 24 percent equity stake in the Vistaar Religare Capital Advisors, which manages a private equity fund focused on films. Religare now owns a 26 percent in the firm, which is not Religare’s subsidiary.
Bombay Stock Exchange-listed Religare and Vistaar Entertainment Ventures originally owned a 50 percent stake each in the fund management company. Following Vistaar’s sale of a 24 percent stake to Religare, it retains a 26 percent stake in the firm.
Vistaar Religare Capital Advisors manages the INR2 billion ($40 million; €31 million) Vistaar Religare Film Fund, which invests in film projects through special purpose vehicles set up to take advantage of individual film revenue streams. The fund also invests in companies and ventures involved in film production. Thus far, the fund has invested in three films: Victory, The Stoneman Murders and Siddharth – The Prisoner.
Earlier this month, Religare Enterprises’ private equity arm Religare Venture Capital and Mumbai-based private equity and real estate investment firm Milestone Capital formed a 50-50 joint venture to manage the INR6 billion India Build-Out Fund I, which is currently being managed by Milestone Capital. The fund is focused mainly on investments in the healthcare and education sectors in India.