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Temasek Holdings, the investment arm of Singapore government, which has 9.9 per cent stake in Tata Teleservices, today said it is looking at all options, including exiting the telecom company in the wake of Japanese firm NTT Do Como picking up 26 per cent stake in the firm. “As of now, we remain an investor and we are always looking at all options. When the option is available we will look at it,” Temasek Holdings India Senior Managing Director Manish Kejriwal told reporters here on the sidelines of India Economic Summit here. He was responding to query if the Singaporean company is looking to exit from TTSL with the entering of a new shareholder NTT Do Como in the company. […]
Rajasthan Venture Capital Fund (RVCF) on Thursday said it has raised Rs 75 crore for investment in technology focussed firms in the country and Rajasthan and the National Capital Region in particular. The fund, an arm of Rajasthan Assest Management Company and the only one in the northern state, also has the option of raising another Rs 25 crore to take the corpus to Rs 100 crore. RAMC CEO Girish Gupta said: “The fund is in touch with few foreign institutional investors and domestic institutional and private sector investors to achieve the final closure early.” He said that the new fund would undertake individual investment in the range of Rs one crore to Rs 25 crore. “The fund will provide both start-up and growth capital to companies with focus on IT/ITES, auto, biotech and other technology oriented industries,” Gupta said. […]
Early stage venture capital firm Accel India Venture Fund has closed its second fund of $60 million (Rs292 crore) against its previous fund of $10 million. It is the first new venture fund announced since the market collapse two months ago. The Bangalore-based firm, earlier known as Erasmic Venture Fund was acquired by Palo Alto, California-headquartered Accel Partners in July this year. “The bar was high, but people are convinced that in the long run, they have to be in India,” says Prashanth Prakash, partner, Accel India. A majority of backers for its new fund come from Accel’s global network of limited partners (institutions that back equity funds) in the US, Europe and Asia. They are mostly institutional investors, unlike its previous fund which had several individual angel investors as LPs. Internet search firm Google Inc., which had backed the first fund is not a repeat investor this time. […]
Bharti Enterprises and French insurance major AXA are planning to launch a private equity (PE) fund in India. Currently, both companies are working out the fine print of the JV. A source in Bharti Enterprises (the holding company for all Bharti businesses like telecom, retail and financial services) confirmed the development, but said it was too early to spell out the details such as the shareholding pattern of the two partners in the JV and the amount the promoters would put into this PE fund. Once operational, this will take the number of JVs between Bharti and Axa to five. At present, Bharti and AXA have a 74:26 JV for life insurance and a similar JV for general insurance. Both companies have also jointly launched an asset management company (AMC) to tap the mutual fund segment in India with AXA holding a 75% stake. The two companies have also agreed to set up a real estate fund, but they are yet to formalise the joint venture agreement for the same. […]
State Bank of India said it intends to start a private equity fund of $1 billion to $1.5 billion for infrastructure financing with Australia’s Macquarie Group and World Bank’s private sector financing arm International Finance Corporation. Saying there was “no point keeping funds idle”, SBI chairman OP Bhatt said the bank was awaiting regulatory clearance. The three partners signed a joint venture agreement last month to give final shape to a memorandum of understanding signed in April this year. The original plan was to operationalise the fund, which will eventually have a corpus of $2 billion, by the end of the second quarter. […]
Darby Overseas Investments, the private equity arm of Franklin Templeton Investments, has raised Rs 630 crore ($147 million) fund to invest in India. Darby's Indian arm has worked with Franklin Templeton to raise a private equity portfolio oriented towards high net worth individuals (HNIs) in the Indian retail market. The fund plans to invest in sectors such as infrastructure, manufacturing, and consumer goods, and in related sectors. It plans to invest in high growth, mid-sized unlisted companies in India. Another similar fund that closed recently was TVS Shriram Growth Fund, which also raised money from domestic investors. Franklin Templeton Private Equity Strategy is a closed-ended fund managed by Franklin Templeton (India) while Darby Asia Investors (India) is the investment advisor to FTPES. The funds India investments are headed by Deepa Sankaran. Some of Darby's investments include $25 million in Cafe Coffee Day and $18 million in Bangalore-based Bhoruka Power. Both of these investments were made earlier this year from $300 million Darby Asia Mezzanine Fund II. […]
ic2 Capital, a private equity firm, has launched a $250 million dedicated India fund to provide growth capital to mid-cap companies. ic2 Capital, based in London and Delhi, is focused on growth capital investments of $5-$30 million in established mid-market companies in India. ic2 has identified hospitality, logistics, food, support services, media and defence as key sectors. This investment approach is underpinned by a commitment to work with management to build sustainable businesses which can operate to world class standards. ic2 Capital is in advanced stages of due diligence and execution on three proprietary investments in hospitality, logistics and food. ic2 expects to invest approximately $50 million by the end of 2008. ic2's prior investments include Bollywood media production and distribution company Eros International. […]
India-centric funds will take its asets under management to $500 mn, from $100 mn now. The BTS group, a Swiss private equity (PE) fund manager, plans to launch two funds in India over the next 2-3 years to expand its assets under management to about $500 million from about $100 million at present. A top executive close to the development said the size of each of these funds would be $200-300 million. “BTS has gained an expertise in pharmaceutical and life sciences sectors and would prefer to leverage its strength in these areas for raising PE capital for the next few funds that are in the pipeline. […]
The much-touted India Infrastructure Fund set up to finance major road, port and power projects has so far garnered $855 million in multiple closures over a period of six months, a top IDFC official said. The $855 million would form a part of $2 billion equity of the $5 billion infrastructure initiative launched in early 2007, IDFC Project Equity Company's Principal Aditya S Aggarwal told PTI. Originally, $2 billion is raised as equity and $3 billion as long-term debt by India Infrastructure Finance Company (IIFCL) for financing infrastructure development in the country. […]
India’s only listed domestic private equity (PE) fund, Pune-based IndiaCo Ventures Ltd (IVL), plans to list three of its subsidiaries in the next two years, a top official has said. Rahul Patwardhan, vice-chairman and managing director of IVL, said the firm intends to separately list IndiaCo Telecom Ltd, or ITL, a 100% subsidiary floated last year to hold the firm’s telecom assets, as well as two newly formed subsidiaries, IndiaCo Global OpportunitiesFund, or IGOF, and IndiaCo Clean Energy, or ICE. IVL manages around $15 million (Rs70.4 crore) worth of proprietary money and was one of the early investors in Geodesic Information Systems Ltd, a Mumbai-based instant messaging and e-business solutions provider. […]
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