July 2010
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IL&FS to invest Rs 80 cr in Aria Hotels & Consultancy Services

IL&FS Investment Managers promoted IL&FS India Realty Fund II will invest Rs 80 crore in Aria Hotels and Consultancy Services Private Limited, a subsidiary of Asian Hotels (West), for a third of its stake. Asian Hotels will utilise this fund to develop a high-end hotel in Delhi along with its partner Marriott International, a top Asian Hotels official said. “IL&FS India Realty Fund II will invest Rs 80 crore in Aria Hotels and Consultancy Services Private Limited, which will be used for developing a five star hotel in Delhi along with Marriott International,” Asian Hotels (West) Chairman and Managing Director Sushil Gupta told reporters here. “We have entered into a 30-year management contract with Marriott International to develop the first JW Marriott hotel in Delhi with over 500 rooms at a project cost of Rs 700 crore,” he said. […]

Oman-India fund to be inked this week

A $100 million ($38.5m) Oman-India joint investment fund will soon become a reality with the two countries set to sign the final agreement this week. The Sultanate's Minister of National Economy and Deputy Chairman of the Financial Affairs and Energy Resources Council Ahmed bin Abdulnabi Macki will sign the pact with his Indian counterpart during his visit to New Delhi between July 13 and 15. The fund is expected to provide the much-needed fillip to bilateral investment and trade, an Indian Embassy press release has said. A memorandum of understanding to set up India-Oman Joint Investment Fund was signed between the two countries during the visit of Indian Prime Minister Dr Manmohan Singh to Oman in November 2008. Although the initial corpus is $100 million, this can go up to $1.5 billion later. The State General Reserve Fund of Oman and State Bank of India will contribute the corpus money from Oman and India, respectively. […]

Govt plans Rs 10k-cr VC fund to promote R&D in pharma

The government is planning to set up a Rs 10,000-crore venture capital (VC) fund for financing new drug discovery projects in the country. “We will soon invite bids from consultancy firms for establishing a venture capital fund in public-private- -partnership that would finance research and development (R&D) activities in the pharmaceutical segment,” Department of Pharmaceuticals Secretary Ashok Kumar told reporters on the sidelines of a Ficci event. The department will soon invite bids from advisors to prepare a detailed project report on the proposed fund, Kumar said. The initial target will be to raise up to Rs 3,000 crore by 2011-12, and it would be gradually increased to Rs 10,000 crore by 2015, he added. National Institute of Public Finance and Policy (NIPFP) is advising the department in the process of selecting an agency to design the fund. […]

Bhilwara Energy sells 10.8% stake to IFC, ICEF for $50 million

RSWM Ltd said it will divest its stake in Bhilwara Energy Ltd (BEL) to two foreign investors as part of its plan to fund its power projects in India and Nepal. This will reduce RSWM’s stake in BEL to 17.4% from 19.5% through divestment of 10.8% stake by BEL for Rs230 crore, it said in a regulatory filing. BEL will sell its 10.85 stake to two investors Washington-based IFC and India Clean Energy Fund for $50 million ($25 million each by both the parties) taking total foreign investment in the company to 17%. Other LNJ Bhilwara Group companies, HEG Ltd and RSWM hold 28.9% and 19.5% respectively in BEL before current round of dilution. The balance is held by the promoters directly. […]

Rs.3000 crore venture capital fund to drive pharma growth

The government is planning to set up a Rs.3,000-crore venture capital fund to support the growth of the country's pharma industry. Ashok Kumar, secretary, pharmaceutical department in the ministry of chemicals, Monday announced this while inaugurating a national convention on biopharma here. He said the National Institute of Public Finance and Policy (NIPFP) is finalising the bid document and the expression of interest for setting up the fund will be issued this month, according to a release by industry lobby FICCI. The release quoted Kumar as saying that the government earlier had issued an expression of interest for technical and financial bids for the selection of a global level consultant for preparation of a detailed project report for developing India as a drug discovery and pharma innovation hub by 2020. […]

ICICI Venture invests in Hyderabad school chain

In its first investment in the education sector, ICICI Venture is using its Mezzanine Fund to put in money in the country’s largest international baccalaureate chain, based in Hyderabad. The Mezzanine Fund managed by ICICI Venture is understood to be investing Rs 20 crore in redeemable debentures of People Combine Avenues of Hyderabad, which runs India’s largest International baccalaureate (IB) school — Oakridge International School — in Hyderabad. When contacted, an ICICI Venture spokesperson declined to comment. The company, formerly known as Vikas Education Institutions Limited, was promoted by first generation entrepreneurs, T Naga Prasad and Raja Shekhar Babu. […]