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Largest private lender ICICI Bank is planning to set up a $200 million (Rs.8 billion) private equity fund exclusively for the small and medium enterprises (SME) sector, a top company official said here Monday. “We are planning to set up an approximately $200 million corpus private equity fund within the next five to six months exclusively for the SME sector,” said Sanjiv Sherawat, head of business banking, ICICI Bank Ltd, on the sidelines of a seminar on Alternative Avenues to SME Financing organised by industry lobby Confederation of Indian Industry (CII). Till date, ICICI Ventures has been the PE investment arm of ICICI Bank. Now the bank would start PE investment by itself. The focus of the company would be mainly on pharmaceuticals, jewellery, textile and capital goods. […]
Communications and Manufacturing Association of India (CMAI), an industry body of ICT manufacturers, said on Wednesday that it has arranged a venture fund of $100 million for the promotion of eco-friendly research and manufacturing projects in the country. This fund has been arranged with the help of the association members and will be provided to the companies who are into research and manufacturing of telecom and ICT products in an environment-friendly manner, CMAI President N K Goyal said. “We will be channelising this fund for companies in ICT research and manufacturing and who are environment conscious,” he said. […]
After KKR, Carlyle and Blackstone, European buyout firm Candover is planning an office in India. The company, which is in the process of raising a E5 billion fund, has roped in Harsha Raghavan from Goldman Sachs to head its India unit. Mr Raghavan was co-head (India) for the principal investments of Goldman Sachs. He was with the company since 2004. Candover, which has invested more than Euro 46 billion in buyouts in Europe since 1980, primarily focuses on European market with offices in the UK, France, Spain and Italy. Incidentally, it had only recently (Feb ‘08) set up its Asian presence having placed Jamie Paton to head its office in Hong Kong. Mr Paton confirmed the developments to ET: “Our Mumbai office will come up in the next couple of months. We will have a core team of around 5 people.” […]
Nokia Growth Partners, a global equity fund set up by the Finnish telecom giant, has decided to invest an additional $150 million and this time for financial support to enterprises focused on India and China. “Building on a track record of successful investments, Nokia Growth Partners, launched in 2004, will now establish direct operations in India and China and augment investment activity in the US and Europe,” the company said. “With the additional investment, Nokia Growth Partners will continue pursuing investments that are of strategic relevance to Nokia, and or complementary to their strategy,” it added. […]
Industrialist Anil Ambani has quietly entered the fledgling Indian private equity space. His financial services arm Reliance Capital has launched a wholly-owned subsidiary Reliance Equity Advisors (REAL) to offer the entire bouquet of private equity services. Ramesh Venkat, group CFO of the Anil Dhirubhai Ambani Group (ADAG) has been given the additional responsibility of spearheading REAL. REAL has put in place a 15-member advisory team and received regulatory approval to build an initial corpus of $1 billion. Of this, ADAG will contribute 15-20 per cent while the balance will be mobilised by two linked funds, one based in Mauritius and the other in India. Mr Venkat told ET that REAL has started talking to investors to put together a $1billion fund. “The initial response has been very good. There is good investor appetite for our fund. We expect to close the fund in a few months,” he said. Mr Venkat is a director of REAL. Mr Venkat said the fund will focus on sunrise sectors such as services, logistics, realty and pharma. The ticket size of investment will be $15-100 million. […]
Mauritius-based private equity fund, India 2020, plans to invest up to USD 50 mn in around five to six rapidly-growing and mainly unlisted companies by this year-end, a top company official said. The Rs 500 crore India 2020 fund is sponsored by Lighthouse Funds, a global private equity firm with operations in the US and India. “We are in talks with several growth-stage companies and are confident of sealing about half-a-dozen deals by this year-end. The cumulative investment will be around USD 50 million,” Lighthouse's Managing Partner, Mukund Krishnaswami said. The fund focuses on rapidly-expanding small and medium-sized companies. […]
Global private equity major Baring Private Equity Partners, which is looking to pump investments in the Indian retail sector on Friday said it is talking with some major players for partnerships. “We want to provide long-term value addition and expertise for high growth of retail players in the apparel, beauty, entertainment and health beauty segments,” Baring India Head (Retail Practice) Aakash Moondhra told the media. He said Baring India is in talks with some major players in the retail industry and some kind of partnership “is expected in the coming months”. […]
Red Fort Capital, a private equity fund focused on real estate development, is in advance stages of negotiations with six developers for an equal number of projects worth Rs 4,000 crore in the metros across India. The PE fund today joined hands with Godrej Properties to develop an IT park in Kolkata, where Red Fort Capital has picked up 49 per cent stake. The project, Godrej Genesis, is expected to generate sales of over Rs 750 crore. “We are in the process of closing a number of transactions in the NCR, Mumbai and Bangalore. We are currently talking to six different developers in these cities,” Red Fort Capital Director Kuldip Chawlla told PTI. Without divulging names of the possible builders, he said three of them are 'big national developers', while the rest are local players. […]
Ajay Relan, for long the managing director and India head of Citi Venture Capital International (CVCI), the private equity business spun off from Citigroup Inc., has been bitten by the “entrepreneurial bug”. In his first media interview to Mint after stepping down from CVCI last fortnight, Relan discusses the new fund — of between $500-$750 million — that he is going to start, and why he is happy that it comes at a time when stocks at the Bombay Stock Exchange are not at near-25,000 levels. […]
Accel Partners, a leading venture capital firm operating in Silicon Valley, Europe, Israel and China, today announced the formation of Accel India Venture Fund. The latest element in Accel’s global strategy, Accel India Venture will focus on early-stage venture investing, delivering active, hands-on strategic and operational guidance in partnership with India’s most promising entrepreneurs. Accel India Venture Fund will be managed by four experienced partners who currently are the Partners of Erasmic Venture Fund (EVF). EVF is one of the leading seed and early-stage investment groups in India, with a portfolio including Mu Sigma, Inbiopro, HolidayIQ, Kaati Zone, Myntra, Sconce, Virident and many other exciting new ventures. Subrata Mitra, Prashanth Prakash, Mahendran Balachandran and Gagan Kumar bring deep entrepreneurial and operational expertise as well as a strong track record of helping entrepreneurs to develop successful new businesses in India. All four individuals will be joining Accel as the Partners of Accel India Venture Fund.Accel India Venture Fund will seek to work with India’s best entrepreneurs from the very earliest stages of the new venture creation process. […]
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