February 2010
M T W T F S S
« Jan   Mar »
1234567
891011121314
15161718192021
22232425262728

Contact us

Venture capital industry looks for tax sops, reforms

The venture capital industry has demanded tax concessions for specific sectors and better clarity on some specific policies governing the VC industry in the upcoming Budget to help boost “innovative” firms in India. “As we approach the Union Budget for 2010, we urge the ministry to clarify or improvise some specific policies governing the VC industry,” said Mr Harshal Shah, CEO, Reliance Venture Asset Management. Mr Shah further said that the current Foreign Ventur e Capital Investor guideline is unclear about investing in sectors beyond a few shortlisted ones namely biotechnology, nanotechnology, IT hardware and software, research and development for new chemical entities, seed research, dairy, poultry, bio-fuels and large hotel-cum-convention centres. [...]

Religare to Invest Up to $1 Billion in Asset Managers

Religare Enterprises Ltd., the Indian financial services company owned by billionaire Malvinder Singh, said it may invest as much as $1 billion buying stakes in asset management companies worldwide. Religare agreed to buy a majority stake in Northgate Capital LLC, a private equity and venture capital firm that manages about $3 billion in assets and has offices in San Francisco and London, the New Delhi-based company said in a statement distributed by PRNewswire. Religare, controlled by the former owners of Ranbaxy Laboratories Ltd., set up its own mutual fund business in 2008 and bought Hichens, Harrison & Co., London’s oldest firm of stockbrokers, in the same year. The money manager has said it plans to open 100 branches in the first three years of operation. [...]