|
|
India Financial Inclusion Fund (“IFIF”) has affirmed its commitment to infuse capital into one of the microfinance industry’s pioneering bellwethers, Sonata Finance Private Limited (“Sonata”) in the near future. IFIF, set up in August 2008 and advised in India by Caspian Advisors Private Limited (“Caspian”), focuses on making equity investments into microfinance institutions and microfinance enablers in the country that are directly or indirectly associated with bringing about the financial inclusion of the poor and thus further developing a microfinance ecosystem. A microfinance institution (MFI) that commenced operations in January of 2006 in the eastern part of the Uttar Pradesh state in India, Sonata has in just three years, reached out to nearly 85,000 women clients, in more than 15 districts with a portfolio outstanding of over Rs. 42 crores in loans to the poor. […]
India’s largest private equity player ICICI Venture is rejigging its core management team. The PE firm is hiring Prashant Purker, former managing director (global finance) of Lehman India, as president. Mr Purker was responsible for Lehman’s operations in debt, equity and client-based risk solutions group in India. He has over 20 years of industry experience, having previously worked with ICICI Bank. Three senior members of the core team — Sumit Chandwani, Jayanta Banerjee, KS Jangbahadur — are being redesignated as presidents and will look after specific verticals like technology, healthcare, infrastructure and MBOs. Besides Mr Purkar, ICICI Venture is set to hire another senior member of the PE industry as president. The new team is being handpicked by Vishakha Mulye, MD & CEO of ICICI Venture, who stepped in earlier this year. Ms Mulye was travelling and could not be contacted for her comment. […]
UTI Asset Management Company has set up a private equity fund worth $500 million in partnership with Germany's HSH Nordbank and Kuwait's Noor Financial Investment Company, the firm said on Thursday. The fund will mainly tap offshore clients and invest in unlisted infrastructure firms engaged in sectors such as roads, ports, power, logistics, airports and energy among others, the money manager said in a statement. (Reuters) […]
Global venture capital firm Canaan Partners is betting big on India. Reali-sing that India is expected to grow in excess of 6 per cent annually, the VC firm would be investing as much as 25 per cent of its entire corpus in India, compared with less than 10 per cent till a few years back. The total corpus for the company at the beginning of 2008 was $650 million, and a third of it has already been invested around the globe. “India is a very imp-ortant market for us. There are many successful entre-preneurs brimming with bright ideas here. […]
Norwest Venture Partners, a Silicon Valley-headquartered firm with an office in Mumbai, has invested more than INR1.2bn ($24.6m) into publicly listed Shriram City Union Finance through a secondary market block purchase of shares in Shriram City. NVP will own an equity stake of over 8 per cent in Shriram City, the retail finance arm of the Shriram Group. Shriram City Union Finance was established in 1986, and is part of the three decade-old Chennai-based Shriram Group. It is a deposit-accepting non-banking financial company which offers financing for consumer durables, two, three and -wheeler finance (both new and pre-owned, passenger and commercial), personal loans, small business loans and retail gold loans. […]
To generate revenue from new businesses, the Industrial Development Bank of India (IDBI) is waiting for approval from Reserve Bank of India (RBI) to set up a private equity venture. Yogesh Agrawal, Chairman and Managing Director, IDBI Bank said, “We are planning to get into private equity venture and have sought permission from the Reserve Bank of India. We have long experience in the business.” The central bank has already approved IDBI to start an asset management company (AMC). […]
A private equity fund launched by Renuka Ramnath, the former chief of India's ICICI Venture, plans to raise $450-500 million through its assets management company, Multiples, media reports said. Multiples has already received financial commitments of $150-$200 million from some limited partners, the release said quoting chief executive officer of an unidentified private equity firm. The commitments are in the process of being formalized and the first tranche of the fund could be in place in less than two months, it said. […]
The Anil Ambani Group targets to raise Rs 2,000 crore through a private equity fund nearly a year after it announced its plan to enter this space. The fund has a greenshoe option for an additional Rs 1,000 crore. Reliance Equity Advisors (REAL), a wholly-owned subsidiary of the group’s financial services arm Reliance Capital, has begun selling the fund privately to high net worth individuals (HNIs) and financial institutions (FIs). REAL CEO Ramesh Venkat told ET that the target was to raise money equally from HNIs and financial institutions, as opposed to the common practice of domestic PE players raising most of the fund in offshore markets. “Private equity in India has matured as an asset class over the past decade. However, participation of local HNIs is not very big in this sector. Our aim is to provide an opportunity to this investor class to participate,” he added. […]
ICICI Venture, India’s largest private equity firm, has run into difficulties in securing commitments from some key investors for the $841-million India Advantage Fund Series 2. The investors have said they were not informed about recent changes in the company’s management and have, therefore, triggered a clause in their agreement allowing them to hold back their committed funds. This ‘key man’ clause, which is incorporated in the agreement between a fund manager and investors (also known as limited partners, or LPs), allows the latter to change their investment strategy if key management members or employees leave the fund in which they are investing. ICICI Venture already has a firm commitment for two-thirds of the fund’s financing, while the rest is under dispute. The company has over $2 billion in funds under management. […]
UTI Ventures, the venture capital (VC) arm of UTI Asset Management Company (AMC), is raising Rs 15 to Rs 20 billion fund and hopes to complete the process by December, reports Business Standard. This fund would focus on deals in the range of Rs 500-750 million in areas such as infrastructure services, domestic consumption and outsourcing. UTI Ventures is looking at domestic institutional investors (DIIs) — including insurance companies, mainly Life Insurance Corporation of India (LIC), and banks — and foreign investors such as sovereign wealth funds, endowment funds and private pension funds. […]
|
Post your messages.Please refrain from posting offensive messages. IndiaPE accepts no liability for the consequences of your reliance on these postings and messages.
|