New Delhi, Dec. 6: Billionaire industrialist, Mr Mukesh Ambani, is planning to provide a `1,000 crore seed capital to kick-start a new venture that would invest in innovative business ideas, and also cater to the technology and healthcare sectors.
Mr Ambani, who heads Reliance Industries, will probably make this investment in his individual capacity, sources close to the development said.
A RIL spokesperson did not offer any comment.
The process has begun for stringing together a team of experts with domain knowledge of various sectors for managing this private equity venture, sources said.
It said some of his close aides at RIL group might also be brought on board.
The top tier of this core group would include those with expertise in biotechnology, healthcare, energy and consultancy businesses, besides private equity and venture capital segments.
The new venture would mostly invest in start-ups working on innovative business ideas in sectors such biotechnology, healthcare, information technology, new and renewable energy as also traditional energy sources, among others.
The sources said the venture would also look at roping in other investors, mostly from overseas.
When this fund takes shape, Mukesh would join the likes of Mr N. R. Narayana Murthy, and Mr Azim Premji — founder and chairmen of two of the country’s biggest IT majors Infosys and Wipro, respectively — who have floated private equity investment ventures in their individual capacities.
Besides, a number of large industrial houses, such as Tatas, Aditya Birla group and Anil Ambani group have their own private equity investment arms that invest in various companies as per their respective mandates.
Mukesh has often talked about the need to invest and develop sectors such as business innovation, new technology and research and development.
Earlier in 2007, RIL group firm Reliance Life Sciences had announced a partnership with MPM Capital, a US-based global investment management firm focussed on healthcare business, to invest in Indian life science sector.