September 2009
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Infra emerges as an asset class for long-term growth

Infrastructure, including roads, power, highways, airports, ports and railways, has emerged as an asset class with long-term growth that can provide relatively stable returns, said an Assocham-Ernst & Young survey on Private Equity in Indian Infrastructure: Strengthening the Nexus. The joint study highlights that the global economic crisis has not dampened investor confidence in the sector. Last year’s crisis had limited or short-term impact on PE investments, and activities in the sector will pick up in the next 8-12 months, it said. The survey points out that PE funds have already invested close to $2,694 million in the country’s infrastructure sector in the past three years. [...]

ICICI Venture plans to raise $800 million

ICICI Venture Funds Management Co. Ltd, the private equity (PE) subsidiary of India’s largest private sector lender, is ready to float a $500 million (Rs2,420 crore) equity fund with an option of retaining another $300 million, its first attempt to raise money from investors after the exit of its high-profile former chief executive officer (CEO) Renuka Ramnath. ICICI Bank Ltd will chip in with 10% of the size of the fund. The PE firm has also received commitments of about Rs1,000 crore from domestic institutional investors and high networth individuals. Four months into her new assignment, Vishakha Mulye, ICICI Venture’s new managing director (MD) and CEO, is also planning to cap the size of the $810 million India Advantage Fund Series 2 at $583 million, 72% of its original corpus. [...]

IDFC PE set to buy BP wind power assets for Rs 650 cr

IDFC Private Equity, the country’s largest infrastructure-focused PE fund, is buying out energy giant BP’s wind power assets in India for Rs 650 crore, signalling the latter’s exit from India’s wind power business and underscoring its renewed focus on the US market, a person close to the development said. IDFC Private Equity, which is bullish on clean technology and has dedicated Rs 1,000 crore for this, will buy the entire wind power portfolio of BP in India. BP has 40 mw assets in Maharashtra and 60 mw assets in Karnataka. The fund will make the payment for BP assets in two tranches, with the first worth Rs 350 crore. This acquisition will give the PE player a foothold in the wind power space. [...]