New York-based private equity (PE) firm GTI Group is setting up a wholly-owned subsidiary, India Management Company, to invest INR 250 crore into Indian healthcare sector. GTI will pick equity stakes of up to 10% in healthcare service firms in the country, said sources. GTI will route the investment in India through its Mauritius arm GTI Mediventures. It will acquire shares in Indian companies in lieu of providing technical know-how to healthcare and medical services firms. India Management Company will also charge a license fee of 2% on the gross revenue of its partner companies. As per Indian laws, foreign companies setting up foreign-owned Indian holding company needs approval from the Indian government. The company has got the nod from the Foreign Investment Promotion Board (FIPB), the nodal body to clear foreign investment into India. New-York based GTI was started by former president & CEO of Sony America and Sony Media & Entertainment Michael Schulhof in 1996. The firm provides equity capital for early stage venture, growth equity and middle market buyout opportunities in media, telecom, aviation, IT & software and industrial technologies sectors. Typically it invests in the range of $5-100 million in each of its target companies. The company has made growth equity investment in media and technology businesses and aviation service companies. It holds 35.12% in India’s Air Works, which is an aviation services company. While the promoters own 29.76% of the shares, Punj Lloyd holds 35.12% in Air Works.

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