PTC India Ltd, a power trading company, said on Thursday it has selected Ashmore group as its joint venture partner for setting up a third-party fund. The fund structure and joint venture agreement is under negotiation with the partner, the company said in a statement to the exchanges. In May, PTC India had raised 5 billion rupees through a private placement for launching the fund. (Reuters)   more »

The founding family of India’s largest real estate company has reached a deal with DE Shaw to buy out the hedge fund’s stake in DLF Asset (DAL), an important step presaging transactions that could lead to a Singapore listing for the DLF affiliate in the first quarter of 2010. DE Shaw will get a little less than $500 million from KP Singh and his family and privately-held DAL will most likely become a majority-owned subsidiary of listed property developer DLF, two persons directly involved in the transaction said. DAL, which buys completed commercial assets from DLF, was set up as a Real Estate Investment Trust (REIT) controlled by the Singh family. A Singapore listing for DAL, which was to have happened in 2008, was shelved following the crash in the global equity markets.   more »