RIYADH: Manama-based private equity company Investcorp is planning to ramp up investments in India to $5 billion, as the firm eyes to tap the potential of the world’s second most populous country, according to a top official. Speaking to Bloomberg, the firm’s Executive Chairman Mohammed Alardhi said he expects the company to elevate its investments in India to $5 billion within the next five years, up from just over $600 million currently. The company’s investments in India represents just 1.5 percent of the $42.7 billion in assets managed by the firm globally. Alardhi added that the company plans a new credit strategy in India, along with paying stronger emphasis on infrastructure deals and finding a target for its Investcorp India Acquisition Corp, which raised $259 million in a US initial public offering earlier this year. Investcorp began its operations in India in 2019, and it currently has investments in various sectors including consumer, healthcare, wellness, and financial services, according to Rishi Kapoor, Investcorp’s co-CEO. He added that India’s business environment is now matured and homogenous, like the market in the US, and primarily driven by the business-friendly regulatory environment and digital transformation. The plan to ramp up investments in India is a part of Investcorp’s strategic move to expand its assets to $100 billion, Bloomberg reported. The firm has been expanding holdings from the US to Asia, and it got itself delisted from the Bahrain stock exchange last year after almost four decades in a move it said would give it the agility to expand faster. Kapoor further noted that Investcorp, which usually participates in the last or penultimate pre-IPO fundraiser, is planning a slightly different approach in India, as the firm is seeking bigger ticket deals to keep pace with startups in the nation. Kapoor added that the company will also focus on providing financing to the portfolio companies of private equity firms. He, however, declined to reveal the exact timeline in which such a fund will be launched. As a part of its asset expansion program, Investcorp on Nov. 7 announced that it has acquired a majority stake in Sunrise Produce, a US-based distributor of fresh produce and gourmet products, according to a press release. “Our latest acquisition of Sunrise Produce continues our philosophy of supporting innovative and sustainable businesses in seeking to realize their ambitions and potential industry-leading growth. Taking a majority stake in Sunrise Produce continues our successful history of investment in the specialty distribution space,” said Tarek AlMahjoub, head of UAE and Oman for Investcorp’s Private Wealth.