New Delhi, June 23 -- Premji Invest, the family office of Wipro founder chairman Azim Premji and one of the most active private equity-style investors in India, has expanded its portfolio with the addition of a newly listed company.
Bengaluru-based Premji Invest, which was set up two decades ago and manages over $15 billion in assets, bought 48.37 million shares of Vedanta Iron & Steel Ltd for Rs 101.7 crore ($10.7 million) in an open market transaction.
The investment, made earlier this month, gives Premji Invest a stake of 1.23% in Vedanta Iron & Steel, back-of-the-envelope calculations show.
Premji Invest bought the shares at Rs 21.02 apiece. The shares have jumped almost 33% since then and closed at Rs 28.10 apiece on the BSE on Tuesday, giving the company a market value of Rs 10,988 crore, stock-exchange data show.
Vedanta Iron & Steel is one of India's biggest iron ore producers and exporters with a capacity of 15 million tonnes per annum. It also operates steel plants with a capacity of 3 million tonnes a year. The company listed on stock exchanges earlier this month after demerging from Vedanta Ltd. It is one of four companies that spun out of Vedanta-the others are Vedanta Aluminium Metal Ltd, Vedanta Oil & Gas Ltd, and Vedanta Power Ltd.
Premji Invest makes early- and growth-stage investments in startups and also picks up minority stakes in listed companies. The bet on the Vedanta group company adds to its dealmaking activities this year after a busy 2025.
Last year, it invested in solar cell and module maker Premier Energies Ltd and life sciences company Indegene Ltd. It teamed up with Manipal Group chairman Ranjan Pai's family office Claypond Capital to invest in Akasa Air, joined the cap table of Ajax Engineering Ltd, and made a follow-on investment in contract lifecycle management startup SpotDraft. It also invested in National Highways Infra Trust and wealth management firm Dezerv late last year.
Earlier this year, the family office increased its exposure to Anzen India Energy Yield Plus Trust, an energy-focused infrastructure investment trust (InvIT), by investing Rs 211.88 crore. It also invested in Maharashtra-based hospital chain NewEra Hospitals, picked up a small stake in CleanMax Enviro Energy as part of the anchor allotment ahead of the company's initial public offering, and invested Rs 300 crore in a subsidiary of Bharat Forge.
Premji Invest is one of India's most active private investment firms. It has made more than 160 investments since inception across technology, healthcare, financial services, and consumer sectors.
Published by HT Digital Content Services with permission from VC Circle.