New York-based, India-focused real estate investment company Trikona Capital, plans to raise a Rs1,500 crore domestic fund. Trikona’s co-founder and managing director Ashish Kalra said the fund would be “by-invitation-only” with “a minimum ticket size of Rs25 crore.” It will invest in residential and commercial properties. The fund, which is to be launched in December, will be the largest rupee-denominated real estate fund to be raised so far. Kotak Realty recently closed its domestic realty fund at Rs1,200 crore. Trikona Capital president Mahesh Gandhi said the fund would be deployed in the company’s second series of investments in India. Trikona also plans to launch a $1 billion (Rs3,940 crore) infrastructure fund. Trikona raised its first fund of £250 million (Rs2,032.5 crore) in April 2006 on the London Stock Exchange’s Alternative Investment Market (AIM) and has completely invested this.   more »

Bangalore-based venture capital firm Footprint Ventures will focus one-third of its investments on exploiting the India-US-Israel triangle. The firm will invest directly into Israeli technology firms and set up new companies in India that would have exclusive rights to the technology and distribution here and in other developing markets. Success will ride on the firm’s co-founder Neill Brownstein, who also co-founded Silicon Valley-based, long-standing venture capital firm Bessemer Venture Partners, and founded Novak-Biddle Venture Fund. The other co-founders are Linda Brownstein, Josh Bornstein and Shalini Elassery. “We are looking to accelerate industrial technology’s entry into India,” says Brownstein. This Israel-India route is yet to be exploited by funds in India. Footprint’s strategy also demonstrates the deepening interest from abroad in exploiting India’s domestic market, as opposed to taking advantage of just the low costs here, and private equity’s role in it. Brownstein would not disclose the size of the fund, saying, “We are backed by well-healed investors.”   more »

DLF Ltd, India's largest listed real estate company, is buying luxury chain Amanresorts for around $250 million, a source close to the development said on Wednesday, confirming a report in the Business Standard. DLF will also assume debt of about $220 million, the source said. A spokesman for DLF declined comment. The valuation of the Singapore-based privately held chain of luxury hotels and spas was "extremely conservative", the paper said, citing sources close to the development. DLF has a joint venture with Hilton Hotels Corp to develop 75 hotels and serviced apartments over seven years in India.(Reuters)   more »