Private equity deals in India witnessed a strong growth momentum in the very first

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month of this year and almost quadrupled to USD 1.24 billion, from its year ago period, says a study.

According to global consultancy firm Grant Thornton, the total value of private equity transactions and qualified institutional placement (QIP) deals amounted to USD 1.24 billion in January 2010, against USD 309 million in the year ago period, registering an over four-fold jump.

Upturn was also witnessed in terms of the number of Dealsrecorded in this month. In January this year 29 PE and QIP transactions were posted, against 16 deals registered in same period in 2009, the report added.

"PE transactions have started with a significant momentum in 2010," Grant Thornton Partner, Specialist Advisory Services C G Srividya said.

Srividya added that "it is also extremely encouraging to note that private equity investments have bounced back almost close to the 2008 levels and more importantly that more than 60 per cent of the value have been pure play (non-QIP) investments."

In the year 2008 deals worth over USD 1.51 billion were announced by way of as many as 57 transactions.