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Religare to acquire Northgate

Religare Enterprises is close to buying a majority stake in a venture capital and private equity investment firm co-founded by former top-flight American sportsmen, as part of its plan to grow into a


February 24, 2010  |  comments ( 0 )  | 
Religare to acquire Northgate

Religare Enterprises is close to buying a majority stake in a venture capital and private equity investment firm co-founded by former top-flight American sportsmen, as part of its plan to grow into a global financial services provider through overseas acquisitions.

 

Religare, owned by the former promoters of Ranbaxy Laboratories Malvinder and Shivinder Singh, has signed a definitive pact to buy about a 65 per cent stake in California-based Northgate Capital for some $200 million (about Rs 1,000 crore). The deal is expected to close by July.

 

Sachindra Nath, Group COO at Religare said that the financial services provider is buying Northgate through a US-based holding company and has plans for several more acquisitions.


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