Private equity and venture capital firms spent a record $2.2bn (€1.9bn) in India this year, almost $1bn more than last year, as western buy-out groups began to increase their presence in the sub-continent and hired high-profile locals to spearhead their expansion.

Business Standard, the Indian financial newspaper, reports that in the past three months, $758m was invested in 44 Indian deals, taking the total for the year to record levels.