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mediate Capital Group (ICG) on Friday bought a 47% stake in legal process outsourcing firm CPA Global, a Channel Island-based firm with over half of its 1,500 employees working out of Gurgaon and Noida in the national capital terrirory. A privately held firm, CPA Global is one of the largest legal services outsourcers in the world with over a billion dollars in revenue . London-based ICG bought the stake in a deal reportedly valued at 440 million pound. Anand Sharma, CFO, Head of management services at India for CPA Global, told ET that the buyout will benefit India operations. “ICG has been a long-term investor , and legal services outsourcing being a core business driven out of India, will get a boost. We plan to increase our India headcount to 1,000 employees by July this year,” he said. […]
BTS Investment Advisors, a private equity fund based in Zurich and Mumbai, plans to start a $150 million fund to invest in Indian clean energy companies amid rising interest in green power to fuel Asia’s top economies. BTS expects to start the fund by April with an initial $60 million and increase that to $150 million over the next year, Managing Partner K. Srinivas told Bloomberg News by phone. Clean-energy investment in Asia surpassed the Americas for the first time in 2009 as economic growth and reduced losses from the subprime crisis allowed greater spending, data from Bloomberg New Energy Finance showed. The region is home to the world’s two fastest-growing major economies, China and India, which are also among the four biggest polluters. […]
A $100 million Oman India fund that will invest in various sectors in both countries is expected to be launched shortly. Oman is looking forward to invest in India's small and medium enterprises. 'The joint investment fund whose corpus will be contributed equally by both countries will be launched soon,' Oman's Minister of Commerce and Industry Maqbool Ali Sultan told IANS while he was here for a trade summit organised by the Confederation of Indian Industry. In November 2008, India's largest commercial bank State Bank of India (SBI) and Oman's State General Reserve Fund (SFRF) signed a memorandum of understanding (MoU) to promote a joint investment fund with a $100 million corpus to be contributed equally. […]
ICICI Venture, an arm of No. 2 Indian lender ICICI Bank, is looking to raise $150-$200 million from overseas investors for its India-focused fund, two sources with direct knowledge of the matter said. The private equity firm, which manages more than $2 billion of assets, is raising $500 million with an option to raise another $300 million for the fund. Vishakha Mulye, the head of ICICI Venture, confirmed the company would begin road shows for international investors as early as next week, but declined to give details of the amount of funds it seeks to raise. […]
Aditya Birla Capital Advisors (ABCAP), the private equity arm of the Aditya Birla Financial Services Group (ABFSG), announced the first closing of the Aditya Birla Private Equity – Fund I, today. The maiden fund has been very well received by domestic high net worth clients and institutional investors and has commitments of over Rs. 675 crores, despite an uncertain market environment. In view of continued strong patronage of investors, the Fund will continue to accept applications for a limited period and would announce its second and final closing shortly. Commenting on the occasion, Mr. Ajay Srinivasan, Chief Executive – Financial Services, Aditya Birla Group said “Private Equity plays an important role in delivering the commitment of the Aditya Birla Financial Services Group to meet all the needs of our target customers. We have ambitious plans for this business and our maiden fund’s mobilization of over Rs. 675 crores is a good first step in that direction. Our strong investment team will now put this money to work for our investors.” […]
Private sector lender Yes Bank plans to set up a firm, Yes Ventures, to house its private equity funds, in 2010-11. “We are keen on having a centralised PE enterprise which will help incubate stand-alone and partnership funds,” Yes Bank Managing Director and CEO Rana Kapoor told Business Standard. The bank is in the process of closing a $200-million (over Rs 900 crore) cleantech private equity fund with US private equity investor Global Environment Fund. The fund, proposed in June 2008, was expected to mop up $500 million (around Rs 2,300 crore at Monday's exchange rate). It will close this month. […]
Yes Bank and US private equity investor Global Environment Fund (GEF) are set to raise a $200m cleantech private equity fund, according to reports. The fund, which was initially mooted in June 2008 to raise up to $500m, will close this month. The Asian Development Bank and the International Monetary Fund both contributed to the downsized fund. The vehicle will invest in cleantech-focused small and medium enterprises in South East Asia, with more than half the money being invested in India. Some investments will be made by the end of the fiscal year. GEF has previously made investments into electric car project Reva and Greenko. […]
Talks for acquisition of ICICI Bank Ltd’s controlling 30 per cent stake in 3i Infotech Ltd have veered to a likely price range of Rs 110-120 a share, sources told NewsWire18. Analysts said prospects for a price near Rs 130 per 3i Infotech share seem distant given the uncertainty over the visibility of business from current promoter ICICI Bank. 3i Infotech gets 8 per cent of revenue from ICICI Bank. A fund manager with a portfolio management service company said: “Such deals normally have an assured business component. The business that ICICI will guarantee will determine the bidder’s price.” […]
A fund without a fund is an oxymoron—but not in the increasingly crowded world of private equity (PE) and venture capitalism. Financiers are using so-called fundless structures as their calling card to enter India, where an estimated 350-400 PE funds are already jostling for space. Jaganath Swamy, a former McKinsey and Co. consultant and a Wharton MBA, has used one such structure when he headed back to India after a short stint with a large PE fund in New York. He chose to launch a pledge fund after he saw that a number of limited partners (LPs) in the US were unhappy with India-focused funds. […]
IndiaCo Ventures Ltd., (IVL), the country’s only listed financial services and venture capitalist firm, said it would launch a $250 million international private equity fund next year. The proposed fund will include an India-centric fund worth Rs 500 crore and will focus on sectors such as clean energy, telecom and healthcare. “We intend to launch this fund by first quarter of next year. Both the domestic and international fund will come in two tranches over a period of time. We are currently talking to Indian investors and hedge fund institutions to raise the capital,” Dhananjay Bendre, Executive Director & COO, IVL told Express. […]
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