The China-based conglomerate, which is involved in wealth management, is reportedly considering starting a private equity business focused on India.

Fosun International, the China-headquartered conglomerate, is launching a private equity business in India, according to the LiveMint news service.

The organisation has appointed Rahul Raisurana, a former managing director at Standard Chartered's private equity unit in India, to head the operation, the report said, citing two unnamed sources.

Raisurana, who quit Standard Chartered in 2013, also served as director and head of credit risk management at Deutsche Bank’s India unit. 

The report said neither Fosun nor Raisurana responded to queries on the matter.

Hong Kong-listed Fosun International has interests in wealth management, pharmaceuticals, mining, steel and realty. 

Fosun International has made a name for itself recently as an acquirer – or suitor – of European wealth management and banking operations. Fosun has agreed to buy Hauck & Aufhäuser, the venerable German private banking and financial firm. Meanwhile, in October last year, Fosun launched a financial platform for its investment and asset management business in Russia and neighbouring countries. Fosun Eurasia Capital, the platform, was co-founded by Fosun and its local partners in Russia, Tanya Landwehr and Igor Danilenko.

The firm has also been affected by controversy. Late in 2015, drama unfolded when the chairman and founder of Fosun was quizzed by police over an investigation mostly around his personal affairs. Media reports at the time said Guo Guangchang had gone missing, prompting speculation as to his whereabouts. He resurfaced after more than a day, with the firm saying he was assisting authorities with an investigation.