Wipro Chairman, Azim Premji is all set launch Private Equity (PE) fund worth Rs 1 billion. The fund is known as PremjiInvest. Sudip Banerjee, who was the President of Enterprise Solution Business, has been appointed as the director of the advisory board of PremjiInvest. This PE fund is one of the biggest private equity fund launched by a private entrepreneur.

 

There are many Indian origin funds that are bigger than PremjiInvest. It is to be noted that on Friday, Wipro announced its financial results for the last quarter of 2007-08 and also for the year. According to the results, the overall revenues of Wipro touched Rs 19,957 crores during the year and the IT business of Wipro has crossed $4 billion mark.

 

The launch of PremjiInvest is sure to increase competition in the market of PE funds and very soon one may see bigger PE funds floating in the Indian market.