Religare Enterprises Limited (REL), a diversified financial services group of India, has notified that its venture capital arm has entered into a 50:50 JV with private equity firm Milestone Capital, for managing a Rs 600-crore healthcare and education fund 'India Build-Out Fund I'.

Under the tie-up, Religare along with its affiliates has committed to contribute Rs 60 crore in a new investment management company, which has an existing corpus of more than Rs 100 Crores.

In addition, apart from existing experience of the private equity team of Milestone, Religare has invited some senior medical professionals from its Group with significant hands-on experience in effective healthcare delivery and in improving operational efficiencies.

During the announcement, a company official of Religare said, "The minimum commitment amount will be Rs 10 lakh and the fund size will be Rs 600 crore.

Further, the life of fund will be five years, while 18 months will be the commitment period, he added.

At 12:44 pm, the share was quoting at Rs 321.05, down Rs 3.3, or 1.02%. Religare Enterprise had touched an intraday high of Rs 340 and an intraday low of Rs 315.05.