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Unitech to raise $1 bln from PE funds

Unitech Ltd , India's second-largest listed real estate firm, will raise about $1 billion from private-equity funds in the next one year for its projects, its managing director said on Friday. Sanjay Chandra told reporters Unitech would raise $350 million in the next 3-4 months for a hotel project and $700-800 million for residential and commercial projects in Mumbai in the next one year.(Reuters) […]

Citi looking to sell Indian BPO and tech units

Citigroup is looking to restructure its Indian back office operations and put its BPO and technology divisions up for sale, according to local press reports which cite IBM as the “lead contender” for the assets. Economic Times says the US bank, which has been badly hit by the credit crunch, is set to overhaul its back office operations in India – which are valued at around $1 billion – and sell off its Mumbai-based BPO operation – Citigroup Global Services – as well as its Citos unit which provides outsourced technology and infrastructure services. IBM Global Services is leading the race for the units, although European IT consultancy Capgemini and Indian outfit Tata Consultancy Services (TCS) are also in the running, says the Economic Times. Citi and IBM have so far refused to comment. […]

Unitech to offload 26% in telecom arm

Country's second largest real estate player Unitech Ltd today said it would dilute 26 per cent stake in its telecom arm to a strategic foreign partner, for which it was in discussion with a few telecom firms “We are looking for a minority dilution of 26 per cent stake to a strategic foreign player in Unitech Wireless,” Unitech Ltd managing director Mr Sanjay Chandra told reporters. Unitech Wireless, which has bagged a pan-India GSM licence, has already got the crucial spectrum for five circles. (Statesman) […]

PE firms seen taking fund-of-funds route

Private equity as an asset class has been badly hit in the ongoing global financial crisis. But, there is no taking away from India, which has over the last few years emerged as a region of choice for a large number of overseas investors who want an exposure to this asset class. That said, the general risk aversion brought on by the credit crunch the world over may pave the way for a private equity investment structure that is not yet very popular in the country: fund of funds (FoF). Asieh Mansour, managing director and chief economist and strategist for RREEF Alternative Investments, the global alternative investment management business of Deutsche Bank said, “Across surveys that we've conducted, the message is clear that overseas investors have the Asian region, including India, on top of their radars, but would rather opt to invest via a fund of funds than maintain direct relationships with a 100 private equity funds that may be operating in the region.” […]