April 2010
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Orbis Power Venture acquires 17.31% stake in DPSC

Orbis Power Venture (P) today announced that the fund has acquired 733,085 fully paid up equity shares of the face value of Rs.10/- each of DPSC, one of the country`s oldest power distribution firms representing 17.31% of the share capital of the company at an average price of Rs.709.998 for each share through open market purchase on April 05, 2010. The acquisition of stake was done by Orbis Power Venture (P) along with SREI Infrastructure Finance (SIFL) and India Power Corporation (IPCL). […]

Reliance Venture Asset Mgmt invests in Tessolve Services

Reliance Venture Asset Management, an Anil Dhirubhai Ambani Group (ADAG) enterprise, today said it has completed one round of funding in Tessolve Services, a semiconductor test and product engineering company. Along with Reliance Venture Asset Management, the other co-investors in this 'Series C' round of funding include JAFCO Asia, Qualcomm Ventures and Applied Ventures, the company said in a statement. Reliance Venture Asset Management, however, did not disclose the financial details of the deal. “Tessolve's strong engineering capabilities and its value proposition to customers has made it an industry pace-setter and we are proud to be their partners in success,” Reliance Venture Asset Management CEO Harshal J Shah said. […]

Ackruti City plans to raise 2.5 bln rupees

Property developer Ackruti City Ltd is looking for “immediate” funding of 2.5 billion rupees and has roped in two partners for its proposed real estate venture capital fund, a top official said on Wednesday. “We have some projects in the pipeline for which, I think, we should be still looking immediately at round 250 crore (2.5 billion rupees),” Chief Financial Officer Bharat Mody told Reuters in an interview. This would be for the 3-4 new projects the company is planning to launch, he said, but did not provide a time frame. The real estate developer had tied up a total of 10 billion rupees in funding by December, Mody had told Reuters earlier. Ackruti has sought Securities and Exchange Board of India approval for its proposed real estate VC fund for which it has roped in Pacifica Fund and Beekman Helix as partners, he said. […]

Blackstone to Invest INR 2250 Million in Jagran Media Network

The Blackstone Group (NYSE: BX), announced today that it will be investing INR 2250 million (approximately USD 50 million) in Jagran Media Network Private Limited, which will hold majority share of Jagran Prakashan Limited (“JPL”). JPL is India’s leading media and communications group, with the group’s flagship brand, Dainik Jagran, being the most widely read newspaper in the world with a total readership of 54.6 million. Jagran Media Network Private Limited will file for necessary approvals for the investment with the Foreign Investment Promotion Board (“FIPB”) today. Dainik Jagran, which publishes 37 editions and more than 200 sub-editions across 11 states, has maintained its position as India’s widest read newspaper for the last six years. JPL has evolved into a leading end-to-end media solutions provider with interests across newspapers, outdoor advertising, below the line solutions, internet, magazines and mobile value added services. […]

Red Fort Capital May Invest $1 Billion in India Real Estate

Red Fort Capital Advisors Pvt., a real estate private equity fund, plans to invest as much as $1 billion in India’s property market over the next few years to tap demand in the world’s second-fastest growing major economy. The firm has invested $400 million since 2007, mainly in residential projects, and may consider investing in offices, hotels and shopping malls, Managing Director Subhash Bedi said in an interview in Mumbai yesterday. Demand for homes is picking up and Red Fort and its partners have sold 3,000 apartments over the last six months in New Delhi, Bangalore and Chennai, Bedi said. Red Fort has invested in projects with Parsvnath Developers Ltd. in the New Delhi area, and with closely held Prestige Group in Bangalore, he said. […]