Kotak Mahindra Bank's realty arm has raised a $295 million private equity fund from offshore clients that it hopes to invest in Indian property sector in the next 18 months, a top executive said. The Kotak Realty Funds Group, had $800 million across three funds, of which $450 million was available for investment, chief executive S. Sriniwasan told Reuters by telephone on Friday. "We have investors from Korea, Japan, the Middle East, the UK and the U.S.," Sriniwasan said, adding while there was no dearth of opportunities, pricing remained an issue. "We had a reasonably quite nine months prior to this because there was a mismatch in terms of valuation expectations versus what the investors were asking for.   more »

A group of investors, led by Vinay Chhajlani, CEO of Webdunia.com India Pvt Ltd, and Jehangir S Pocha, former editor of Businessworld, has bought INX News, the company that runs the English news channel NewsX. Chhajlani and Pocha have formed a company called Indi Media for the purpose. Though the size of the deal is not known, media industry sources peg it at roughly Rs 50 crore. Confirming the development, Peter Mukerjea, chairman of the INX group, told Business Standard: “We did not have the cash to continue funding the English news channel and were looking for an exit. We have now managed to do that.” However, INX continues to be in the broadcasting business through INX Media, which operates a music channel and a Hindi general entertainment channel.   more »

India-based ethnic wear retail chain Fabindia has acquired 25 per cent stake in the UK-based womenwear retailer EAST. Fabindia finance director Sunil Chainani will join the EAST board. Fabindia managing director William Bissell said, "The synergy between the two is apparent not only in the product but also in the approach and sourcing." The aquisition amount has not been disclosed by Fabindia. However, the valuation could be on the lower side with the sales in UK decreasing. The investors in EAST include Luke Johnson, the Channel 4 chairman and John Singh of Jaipur.   more »