U.K.-based private equity firm Actis LLP will set up a nonbanking financial firm that will lend to small and medium-sized enterprises in India.
Actis plans to fund the company, Profectus Capital, with up to US$220 million of equity capital over a five-year period, according to a May 29 statement.
Profectus Capital will be led by K.V. Srinivasan, formerly CEO of Reliance Commercial Finance.
