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RELIGARE Venture Capital, a wholly-owned subsidiary of Religare Enterprises Limited (REL), has announced a 50:50 joint venture (JV) with private equity firm Milestone Capital to manage a Rs 600 crore healthcare and education fund.

The investment management JV would manage one of Milestone’s existing fund – ‘India Build-Out Fund I’(IBF-I) with a focus on healthcare and education space. Religare along with its affiliates has committed to contribute Rs 60 crore to the fund which has an existing corpus of more than Rs 100 crore.

“Private equity has been an area of great interest to us and healthcare and education are two sectors which we believe are poised for balanced growth and we have the requisite domain expertise on healthcare which we intend to leverage for larger benefit of investors of the Fund,” said Religare CEO and MD Sunil Godhwani in a company statement.

This would be second partnership in the PE space for Religare. Last year in March, it had struck a deal with Vistaar, a SEBI-approved film fund to invest in films.

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