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esh Khanna, former managing director of Warburg Pincus’ India operations, is set to join the breed of private equity (PE) veterans launching their own ventures, industry sources told DNA. Warburg’s India office confirmed the development, saying Dalip Pathak, managing director, who established the PE firm’s India business in 1994 and is currently leader of the firm’s European effort, will assume direct oversight of Warburg Pincus’ investment activities in India. “Rajesh Khanna will depart from the firm to pursue the formation of an independent investment business in India,” the official statement said. Unlike a few other separations in the past, Khanna’s departure has been a very amicable one, said the industry source. […]
The corporate venture capital arm of the Reliance ADA group, Reliance Technology Ventures on Wednesday re-branded itself as Reliance Venture Asset Management with immediate effect and said it expects to close three-six deals worth a cumulative investment of USD 50 million in the first half of this year. “We have revamped our strategy to exploit the investing potential in sectors such as clean technology, aerospace, defence, media and entertainment in addition to our mainstay of technology enabled companies. In line with this strategy, we are expected to close three-six deals in H1 2010 worth a cumulative investment of USD 50 million,” Reliance Venture Asset Management CEO Harshal J Shah said. […]
UK-based private equity (PE) firm Ashmore Investment, which holds 49% stake in Mumbai-based cable company Digicable Network, has initiated talks with a host of companies to sell its stake in the venture, two persons familiar with the matter said. According to an executive in the investment banking space, Ambit Finance is advising Ashmore Investment in its bid to exit Digicable, a mid-sized cable company that claims to have over 8 million subscribers. However, ET could not independently verify it. An email sent to Ambit Finance did not elicit any response. As per another executive in a media company, Ashmore has been looking to sell its stake for a few months now. As per the FDI rules in India, an international company can own up to 49% stake in a cable company and Ashmore can not increase its stake further. […]
The Asian Development Bank may raise at least $100 million more in venture capital to invest in developers of advanced clean-energy technologies in the region. The lender has formed a taskforce to design the fund before seeking management approval, Jun Tian, an adviser at the Manila- based bank’s regional and sustainable development department, said in an interview in Tokyo today. The lender had already raised $363 million for four funds focusing on renewable energy including wind and hydropower plants in order to thwart climate change, Tian said. Clean energy investment fell 6.5 percent to $145 billion worldwide last year from 2008, according to Bloomberg New Energy Finance, as the global recession sapped funding for the sector. […]
The Burman family, the promoters of FMCG major Dabur India, is planning to set up a $200 million (around Rs 925 crore) private equity (PE) fund dedicated to the healthcare and life sciences segment. This is the second major initiative of Burmans in the healthcare space after they sold their entire stake in cancer medicine manufacturing company Dabur Pharma for Rs 878 crore to French healthcare major Fresenius SE in 2008. The Burmans are known to be investing in a greenfield facility to house the operations of Dabur Research Foundation, now a full-fledged contract research organization. Former Dabur Pharma CEO Ajay Vij will be heading the contract research entity as well as the private equity fund. When reached for comment, Vij confirmed the development […]
Maverick investor C. Sivasankaran has completed the first leg of yet another profitable exit, with the Sahara group repaying around Rs1,680 crore to Siva Ventures Ltd even as it has to repay an additional Rs1,120 crore by March if it wants to regain complete control over Aamby Valley Ltd, which has built an eponymous luxury township spread over 10,600 acres an hour’s drive from Mumbai. Sahara India Commercial Corp. Ltd, a housing subsidiary of the group, owns 51% stake in the project. The group had sold 49% stake of Aamby Valley City to Siva Ventures in 2007 with an arrangement to buy back the stake in three years at a pre-determined price. Siva Ventures bought this stake for Rs1,000 crore. In addition to that, it has lent Rs1,200 crore to Aamby Valley. […]
Singapore-based Nalanda Capital has sold most of its stake in Kalanithi Maran owned Sun TV Network Ltd for Rs 2.86 billion. On Wednesday, Nalanda Capital sold 7.73 million shares for a price of Rs 370 per share, more than double of what it had invested to pick up the stake. The bulk deal was executed at the BSE. […]
ICICI Prudential Life Insurance said one of its investment arms may acquire 40% stake, for over Rs.100 crore, in a residential project of the Ansal API group in Ghaziabad, reports say, quoting investment banking sources, Business Standard reported. The residential project is a part of Ansal API's township project, Aquapolis. It is spread over 130 acres and has around 45 towers, with a total of 2,500 units. The project will be formed into a joint venture, in which Ansal Landmard, a group company of Ansal API, and an investment arm of ICICI Pru, will be partners, sources said. Ansal API is bringing in investors to complete the projects ahead of schedule. The projects were delayed due to slowdown in the realty sector. […]
Ascent Capital, an established Indian private equity firm focused on growth capital, has closed its Ascent India Fund III with commitments of $350 million. In an extremely challenging year for private equity fund raising where many funds announced fund-raising plans, Ascent Capital is one of the few that have succeeded in closing a fund on schedule. Ascent Capital has an association with UTI Ventures and the present assets under management by Ascent Capital are about $600 million. It is learnt that Ascent India Fund III was over-subscribed, but the limited partners were not in favour of increasing the hard cap beyond what they believed to be the optimal fund size. Industry sources attribute the success of Ascent Capital in raising funds to their relatively better track record in their previous funds. […]
BTS Investment Advisors, a Zurich-headquartered private equity firm that specialises in investments in India, is reportedly readying the launch of a new $150m fund. The firm BTS is looking to inaugurate the fund before April 2010, and aims to reach the $150m mark within a year. The fund will target companies in the wind, biomass, water and energy equipment fields in India. Additional funds managed by the firm include a $22m Swiss technology fund and a $75m India-targeted private equity fund. Notable investors in the firm’s funds include Asian and European governments and the Asian Development Bank. […]
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