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Legatum, a private firm that invests in global capital markets and in initiatives that support social development, on Monday said it has invested Rs 34 crore (US$ 8.4-million) in Intellecap. Intellecap provides business advisory services for investors and companies that seek both a financial and sustainable social return on investment. “Intellecap is an innovative and entrepreneurial company that has created a unique niche, intermediating financial capital into development-oriented businesses operating in India's poorest communities,” Legatum's Senior Vice-President, Philip Vassilou, said in a statement issued here. “Intellecap will now seek to extend and develop its combination of world-class services and people, delivering independent, impartial and insightful enterprise solutions,” he added. […]
Reddy expressed concerns regarding private equity flows while dwelling on the issue of setting up a currency stabilisation fund and sovereign wealth fund. “We have been seeking comfort in the nature of investment associated with capital inflows through hedge fund channels and participatory notes. Similar issues could also be relevant to private equity flows,” said governor, Y V Reddy, in his address at the golden jubilee function of Foreign Exchange Dealers Association of India (FEDAI) today. The objective of establishing a stabilisation fund is to smoothen revenue flows arising out of volatility in commodity export proceeds. A wealth fund is generally created amid current account surpluses by using a part of the foreign currency assets. Reddy said that a large part of the capital flows into India were portfolio investments, while a significant part of foreign direct investment (FDI) was in the form of private equity and geared towards brownfield projects rather than greenfield investments. […]
IL&FS Investment Managers Ltd is planning to launch its second realty fund. The first fund, IL&FS India Realty Fund, was floated in 2006 and raised $525 million. The money was invested in around 20 projects. Sources said the second realty fund would be “one-and-a-half times the size of the first fund”. The company didn’t give further details. IL&FS Investment Managers Ltd is the private equity investment arm of Infrastructure Leasing & Financial Services Ltd. Along with Milestone Capital Advisors, the company recently launched a real estate investment fund to raise Rs 1,000 crore to invest in leased and rented properties. […]
Citigroup is buying a minority stake in Indian real estate firm Nitesh Estates, a newspaper reported on Tuesday, but a source familiar with the matter said no deal had been done. The Economic Times, quoting unidentified sources, reported that a fund run by the U.S. bank's property investment arm, Citigroup Property Investors, was investing around $250 million. It would pick up a minority stake in Nitesh Estates and hold stakes in individual special purpose vehicles to build at least five luxury hotels, the paper said. But a source told Reuters: “Citigroup has not taken a stake in Nitesh”, although the two were working with other developers on a US$100 million luxury hotel in Bangalore. A spokesman for Citigroup in India did not immediately return a call seeking comment on the report. Nitesh Estates declined to comment, the Economic Times said. David Schaefer, the Asia head of Citigroup Property Investors, told Reuters in an interview in April the unit was investing around $400 million of a recently raised fund in India.( Reuters) […]
After the acquisition of the automotive plastics division of Bright Brothers in September for Rs 149 crore, Sintex is again on the prowl and closer to acquiring another overseas firm. The Rs 1,500 crore Ahmedabad-based plastics maker known for its water tanks, is completing due-diligence for acquisition in the composites business at Europe or US. The deal size is seen at $120 million and is likely to be announced in November, sources said. Recently, a clutch of foreign investors — HSBC, Lehman Brothers, Merrill Lynch, Master Trust, Bank of Japan and Batterymarch Financial — had bought 14.3% stake in Sintex Industries from Warburg Pincus. Amit Patel, managing director, Sintex Industries, said at an analysts’ conference on Monday that the company will invest Rs 350 crore in the next three years. […]
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