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Trikona Capital, a real estate fund management business, plans to raise $10bn (€7.1bn) over 10 years to invest in the India real estate and infrastructure sectors, as investment banks, hedge funds and others continue to pour billions into the emerging market. New York-based Trikona manages London -listed investment vehicle Trinity Capital, which raised about $500m in its London Stock Exchange debut in April 2006 for Indian acquisition targets. Ashesh Shah, head of Trikona's European office and global client services group, said the company has carried out 12 transactions from June 2006 to July 2007. He said: “We are the leaders in the space and are very committed to India.” Among its investments are: Pipavav Shipyard; a partnership with Lokhandwala Builders to develop residential housing in Mumbai; as well as a joint venture with Infrastructure Leasing & Finance Services to develop roads, ports and airports in India. It is also has an urban rejuvenation project to provide better housing to reduce the number of people living in slums. Private equity firms, hedge funds and banks seek high returns in emerging market investment and the Indian Government last year opened its property market to foreign investors. […]
Private equity funds are beginning to emerge as a major source of FDI for India. PE funds may invest as much as $13.5 billion this year, making India the seventh highest recipient of PE funds in the world. PE funds have faced opposition in many places. In Germany a politician once referred to them as locusts. They also faced political opposition in South Korea, Thailand and Japan. In the US, the home of private equity, they have always been controversial, often being accused of destroying jobs as companies acquired by them go through wrenching restructurings. In India, by contrast, there has been no problem whatsoever. There are many reasons for this. Some of the investment classified as private equity appears to be little more than portfolio investments, though somewhat more long term. In India the managements have usually tended to keep control. For example Temasek, the Singapore sovereign wealth management fund and a significant PE investor, has taken stakes in a number companies, but these have been minority stakes. […]
A clutch of investors are set to pick up 47% stake in the Intas Biopharmaceuticals, the biotech arm of Ahmedabad-based pharma major Intas Pharmaceuticals. Intas Biopharmaceuticals plans to issue about 62 lakh compulsorily convertible cumulative preference shares to four Mauritius-based foreign investors — Jarir India Investments, Kotak India Venture, BL Associates and Mordril Properties. One of the four investment holding companies — Kotak India Venture — has applied for a venture capital registration with Sebi. These shares will be issued at a face value of Rs 10 per share each, at a premium of Rs 20 per share. After the issue of shares, the percentage of non-resident investments in the company’s paid up capital will be 46.84%. Intas Pharmaceuticals is among the top 20 pharma companies in India with a turnover above Rs 600 crore in 2006-07. Its biotech arm, Intas Biopharmaceuticals, researches on recombinant therapeutic proteins and other biotech products and the company plans to use the fund for major capacity expansion for the same. It also plans to use the funds to expand its unit near Ahmedabad which manufactures biotech bulk drugs and formulations. […]
Leading global private equity and venture capital company, 3i Group plc,said it has raised 500 million dollar with the closure of first phase of the 3i India Infrastructure Fund. The fund was established to apply the successful investment strategy of 3i's global infrastructure business to the rapidly-growing Indian infrastructure market. 3i has, as part of first close, committed a minimum of USD 250-million to the fund, with 3i Infrastructure Ltd committing USD 250 million. The Fund, which is targeting USD 1-billion in commitments, will create a balanced portfolio of investments spanning the asset lifecycle and is managed by 3i's infrastructure investment team, a release issued here today stated. The fund is the first to be established within the framework of the strategic partnership agreement announced by 3i and the India Infrastructure Finance Company Ltd (IIFCL) in April. […]
Infrastructure development finance company (IDFC) is now in the race to acquire stake in IFCI, reports Business Standard. It is now in competition with the Blackstone Group and General Electric Capital Corporation. The other companies looking at IFCI`s stake includes a group led by billionaire Wilbur Ross and comprising the Goldman Sachs Group, Standard Chartered and HDFC, Cargill Financial Services Corporation, Natixis and Newbridge Asia. The winner of the 26% stake in IFCI stake will gain access to a market where lending grew 28% last year, and where the central bank limits foreign banks` ownership of local private rivals to 5%. IFCI, was bailed out by the government in 2003 because of bad debts, in July it announced plans to sell stake to a local or overseas investor to bolster its capital. […]
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