Bain Capital, the US-based private equity investor, is looking to invest around $1 billion in the country in the next three years, reported Livemint. The development reveals the investor's confidence in the Indian economy despite the ongoing slowdown.

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“If you look at over the last seven years, we have invested over $2.5 billion and are one of the biggest investors in the country. There is no reason why we cannot keep investing in India at the same pace … India is one of the most important markets for us … Historically, India has been 20-25 percent of any fund. This is just the Asia fund, we also invest in India from our global fund," Amit Chandra, managing director and chairman of Bain’s India office was quoted as saying in the report.He added that Bain’s focus on India will be on writing a few large cheques in the range of $500 million to $1 billion.

The development is significant as India, the third-largest economy in Asia, is facing a serious slowdown significantly affecting both credit flow and consumption. This, in turn, has led to international agencies like International Monetary Fund (IMF) and Moody’s cutting down India’s growth projection.

While IMF slashed its economic growth forecast for India to 6.1 percent from earlier 7 percent for the current fiscal, Moody’s Investors Service cut India’s credit ratings outlook to negative.

First Published:Nov 28, 2019 10:56 AM IST