Milestone partners for Indian cleantech fund

A joint venture between Mumbai-based Milestone and UK-based Ecofirst plans to launch a private equity fund focused on India’s clean technology sector later this year.

Milestone Ecofirst Advisory Services, a 50:50 joint venture between Indian private equity and real estate firm Milestone Group and UK-based sustainable technology company Ecofirst, plans to raise an India-focused cleantech fund, a source has told PEI Asia.

Fundraising will be launched later in the year, the source said, adding that the firm is still in the planning stages regarding the size of the proposed fund.  Although the definitive investment strategy has yet to be finalised, the fund will look at investments in the sustainable technologies sector, the source added. Milestone confirmed it has plans to raise a cleantech fund but declined to comment further.

Milestone Ecofirst also provides consultancy services to Indian real estate projects in the areas of energy, water, and environment-related issues and the usage of locally available material in an attempt to create sustainable communities. It provides services to both real estate projects in which Milestone’s real estate fund is an investor as well as other third party projects.

Ecofirst provides home-owners and property developers with design, supply and installation services for its sustainable technologies addressing rainwater harvesting, biomass, heat recovery, wind turbines, solar thermal energy, solar photovoltaic and energy saving.

Milestone Capital manages assets of more than $1 billion across six funds focused on private equity, real estate development and real estate yield-driven projects.

The firm also has a joint venture with Religare Venture Capital, Milestone Religare, which is currently targeting commitments of INR6 billion ($132 million; €91 million) for India Build-Out Fund I. The fund is focused on investments in India’s education and healthcare sectors and has a secondary focus on media, logistics and facilities management, including food services and security services. It is expected to see a final close in April.