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With the growing attention on climate change and perceptible impact of global warming, the launch of Carbon funds is the order of the day. The latest to join the bandwagon is Green Ventures International, with its $300 million India Carbon Fund I. The fund happens to be the first of its kind in India. It will buy CERs (carbon emission reductions) or carbon credits from companies operating under CDM (clean development mechanism) and then sell them to buyers in Europe. On the other hand, most green funds generally invest in clean-tech companies. The fund has a five-year duration and the LPs (limited partners in the fund) are mostly institutional investors and fund of funds (FoFs) from the US. The Indian LPs have not been roped in, according to Vinay Bharthwaj, director, Green Ventures India, as “there is hardly any awareness in India about such funds and the carbon credit market. So it is better to have informed investors”. However, the fund is in talks with some well-known wealth management companies in India for future investments. It is expecting a return of 25 per cent from this fund and plans to launch another billion dollar fund focussed on the Indian market. […]
Tata Communications Ltd may sell a stake in its retail and broadband business to Singapore state investment firm Temasek Holdings , the Mint paper reported on Monday. “Temasek is leading the race for a stake in the new retail business of Tata Communications,” the paper cited a person familiar with the development as saying. Tata Communications will “hold the majority stake in the retail business venture and Temasek will be a financial investor”, it cited the person as saying. Tata Communications and Temasek were “working out the structure of the deal and should conclude it shortly”, it cited the source as saying. Several private equity firms had also held talks about buying a stake, the paper said. […]
Ahead of a proposed initial public offering (IPO), ICICI Securities Ltd, the broking arm of ICICI Bank Ltd, plans to sell about 3% of its equity to institutional investors through private placements, according to a person familiar with the development who did not wish to be identified. The person added that JPMorgan India has been given the mandate to manage the deal. This couldn’t be independently verified with JPMorgan over the weekend and the company did not respond to an email query. S. Mukherjee, managing director and chief executive officer, ICICI Securities, declined to comment. According to the person, the private placement is part of a larger plan that involves selling 10% of ICICI Bank’s equity in ICICI Securities. With 3% going to institutional investors, 7% will be sold to the public through a share sale. The person familiar with the development added that ICICI Bank is looking at a valuation of around Rs18,000 crore for ICICI Securities. This means a 10% sale will fetch it around Rs1,800 crore. In January, the bank’s board approved the listing of ICICI Securities. The bank has five other unlisted subsidiaries: ICICI Prudential Asset Management Co. Ltd, ICICI Ventures, ICICI Prudential Life Insurance Co. Ltd, ICICI Lombard General Insurance Ltd and ICICI Securities Primary Dealership Ltd. While it could take a few months for the share sale to hit the market, interest in the financial services sector does appear to be rising. […]
Lehren Entertainment is to launch India's first TV channel dedicated to Bollywood news and gossip in April. Company says it has received broadcast ministry clearance to uplink and will begin testing the service starting in March. Venture fund iLabs Capital has taken a 60% stake in Lehren TV through its wholly owned subsidiary Affiliated Media. ILabs is also backing Associated Broadcasting Co.'s launch of TV9 Mumbai, a local channel that will broadcast in Hindi. Lehren TV will be accompanied by a broadband portal and some 10,000 hours of archive video, consisting of film scenes, songs, interviews and magazine content. Twenty years ago, the company pioneered movie-based entertainment shows for India's then- emerging TV industry.(Variety) […]
Larsen & Toubro, the diversified engineering to IT company, is entering the private equity space with a staggering Rs 4500 crore ($1 billion-plus) fund that will invest in real estate-related infrastructure projects. L&T is the latest industrial house to set up a realty fund for investing in the country’s booming real estate sector. Modeled on the lines of Kishore Biyani-promoted Future Capital’s Kshitij, L&T’s real estate fund has an anchor investment of about $200 million, through its subsidiary L&T IDPL (Infrastructure Development Projects), a source familiar with the plan said. India’s largest industrial house, the Tata group has also floated a realty fund with the Xander Group, a global private equity company. L&T’s head of mergers and acquisitions practice N Sivaraman is driving the initiative. The company has reportedly raised the money from US and European markets. […]
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