In late August, Hong Kong-based private-equity firm Pacific Alliance Group (PAG) cemented a Rs22 billion ($300 million) investment to take a majority stake in Edelweiss Wealth Management, one of India’s leading specialist financial services operators.
For PAG, it was a strong statement in a market where it says it expects to invest $1 billion in the next two to three years; for Edelweiss, it was a welcome capital influx to allow it to grow not only wealth but also a clutch of other businesses that were not on the block in the PAG sale.
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“This is a very transformative transaction for us,” says Rashesh Shah, chairman and chief executive of Edelweiss Group.
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