Premji, the investment fund of Indian businessman Azim Premji, bought the 7% stake for R125 crore ($25m), according to news provider Business Standard on Thursday. In January L Capital acquired an 8% stake in Fabindia from Wolfensohn Capital Partners, according to news provider Reuters.
Premji Invest is reported to have bought a seven per cent stake in traditional Indian clothing retailer Fabindia for up to $25m. Fabindia was founded in 1960 by John Bissell.
With nearly $1.5 billion corpus, Premji Invest, the investment arm that manages the Wipro founder’s Azim Premji wealth, now plans to look beyond India for diversifying its portfolio and also tap into lucrative opportunities offered by new technology companies in the US.
Ravi Thakran, managing partner of L Capital Asia told news provider Economic Times: ""We invested in Fabindia as it blends commercial interest with a social objective. It has the potential to become a global leader and we will be glad if we could help it scale to that level."