India-based industrial conglomerate Anil Dhirubhai Ambani Group’s (ADA) venture capital division is preparing to more than double its rate of investment this year to $125m.
Reliance Venture Asset Management previously planned to invest $50m but will now invest up to $125m, according to local news provider Economic Times of India.
Harshal Shah, chief executive of Reliance Venture, in an interview with the Economic Times, said: "We had planned for three to six deals in the first-half (of full year 2011). We have already concluded four, are close to a fifth and will do three to six more in the next six months, which will see us investing up to $125m."
Reliance Venture invests in defence, aerospace, travel, media and entertainment sectors.