Warburg Pincus to invest in India developer

New York

THE private equity firm Warburg Pincus is set to make another big move into India by taking a stake in a real estate developer backed by one of the country's major conglomerates.

The firm said on Tuesday that it would invest about US$284 million into the developer, Piramal Realty, its fifth investment in India in less than a year. Since October, Warburg Pincus has invested in companies including Ecom Express, an e-commerce delivery services provider; Kalyan Jewellers, a 22-year-old jewellery maker; and CarTrade, a car classifieds startup.