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The Asian Development Bank (ADB) is going to help develop clean energy projects in Asia including India. With an initial seed capital of $100 million, ADB will help establish five private sector funds, which are expected to invest around $1.2 billion in such projects across Asia. The funds – MAP Clean Energy Fund, China Environment Fund III, GEF South Asia Clean Energy Fund, Asia Clean Energy Fund, and China Clean Energy Capital – will each receive up to $20 million in capital from ADB. GEF South Asia Clean Energy Fund has a target size of $200 million and will make around 12 investments across South Asia in companies and projects that promote the use of efficient and cleaner forms of energy in Bangladesh, India, Nepal, Pakistan, and Sri Lanka. The fund is jointly sponsored by India’s Yes Bank and an international private equity firm, Global Environment Fund. […]
Australian securities firm Macquarie Group Ltd., (MQBKY.PK) and state owned State Bank of India plan to raise $2 billion to invest in direct infrastructure opportunities in India. They join other global banks, including Citigroup Inc., JPMorgan Chase & Co., ICICI Bank Ltd., and the London-based 3i Group Plc in planning to raise funds for investment in India's infrastructure. Macquarie and SBI signed a memorandum of understanding to set up a company and manage the proposed fund. Macquarie, SBI and The International Finance Corporation as one of the cornerstone investor have planned to contribute a total of $450 million to start the fund. The fund, which is expected to launch by the end of June, intends to provide equity and equity-like capital for investments in roads, ports, airports and power. It will also look at investment opportunities in infrastructure-related assets and businesses. The fund will also raise further capital from both domestic and international institutional investors. […]
Global networking major Cisco is aggressively stepping up its next phase of investments in India, further to its $100 million investment in India so far. The company is scouting the region for equity investments in media, broadband and real estate, Cisco Ventures managing director Joydeep Bose said. Of the $200-million investments in India, Cisco has already invested nearly $ 100 million and the company hopes to exhaust the next $100 million in another 18 months. Immediate on the company’s plans, is forming investment-backed alliances in India. The company already has such an alliance with Satyam in the healthcare sector and is in talk with two more companies in India aimed towards the real estate and collaborative networking space in India. “We hope to close at one such equity-backed alliance deal by the end of December this year,” Mr Bose said. Cisco would seek out investment opportunities in its areas of focus, by asking partner companies to spin off such target operations into a subsidiary, in which it could take a stake of up to 18%. […]
3i Group Plc, a London-based global private equity firm, announced that it has raised $1.2 billion for the India Infrastructure Fund that will enable it to finance projects in power, ports and other core sectors with a total value of up to 5 billion dollars. Earlier, 3i Group had announced to invest USD one billion in India's infrastructure sector, and had entered into a strategic partnership with the state-owned India Infrastructure Finance Company Ltd (IIFCL) last year. The raised funds are 20 per cent higher than the target, said a company statement. […]
California-based venture capital firm Canaan Partners says it will invest $150 million (about Rs600 crore) in India over three years from its eighth fund, sized at $650 million and raised in January this year. The firm has fully committed its previous $450 million fund across 37 deals in India, Israel and the US. Canaan, an early-stage venture capital firm that manages nearly $2.4 billion and focuses on technology companies, now plans to hasten its investments in India. It focuses on sectors such as consumer Internet and wireless technologies, enterprise and managed services, and expects to announce its latest deal in a month. “We have no plans of investing out of our core sectors in India. We will invest in sectors where we feel we have the expertise, and can be utilized to gain maximum returns,” says the firm’s managing director Alok Mittal. In the US, Canaan invests nearly one-third of its corpus in health care technology. In India, the firm says it will not invest in the segment in the near future, but may revisit that stance later. […]
Kotak Private Equity Group (KPEG), part of the Kotak Investment Advisors Ltd (KIAL), has investing about $50 million in five unlisted life sciences Companies in India during the financial year 2008-09. Kotak's investment has been divided in Companies focused on clinical research, contract research and new drug delivery systems (NDDS). Apart from its life sciences fund (Kotak India Venture Fund 1) of $68 million, KIAL has raised two other funds of $160 million (India Growth Fund 1) and $415 million (Kotak India Growth Fund), with its cumulative fund under management is to the tune of $1.4 billion. It has also decided to raise $1 billion infrastructure fund during the financial year and will invest in sectors such as power and transportation. Nitin Deshmukh, CEO, private equity, KIAL, told FE, “Though the Companies where we wanted to invest are small, new molecules and drug delivery systems developed by them have high potential.” So far, KPEG has invested about $50 million in various small-sized life sciences Companies in India such as Metahelix Lifesciences Ltd, VLife Sciences Ltd, Indus Biotech and Rubicon Research by picking up 20-25% stake in each company. […]
The Principals of VGI DLC announced the launch of Vision Global Investments I, a U.S. $1 billion dollar India infrastructure-focused fund. The Fund brings a “force multiplier” to its investors through an experienced and skilled team of U.S.-based investment professionals, and practiced and highly knowledgeable India-based entities SREI Infrastructure Finance Ltd. and Primadona Global Holdings WWL. With offices in New York, London, Delhi, and most recently Bahrain, as well as an advisory office in Mumbai, VGI I is the group’s initial offering. Vision Global Investment’s India Infrastructure Fund I will focus its investments on opportunities that directly contribute to the essential infrastructure improvements needed to support the country’s continued economic growth. The fund is seeking institutional class investors from the U.S., Europe and selectively from the Middle East, Southeast Asia and Japan where there is considerable interest in this asset class. […]
US-based private equity player Clear Trade, which is floating a $12 billion fund along with leading US private equity firms to invest in Indian power and infrastructure projects, is in talks with a leading power producer in China to float a consortium to bid for the ultra mega power projects (UMPP) in India. “We are in discussions with a leading Chinese company to form a technical consortium to bid for the UMPPs and hope to finalise it within a few weeks,” said Deepak Kavadia, managing director, Clear Trade. Some of the US funds associated with Clear Trade had made over $500 million investments in the Chinese power major, he added. The Indian government is planning to set up 9 UMPPs in the country with about 4,000 mw capacity each to add at least 78,000 mw of additional power by 2012. […]
Despite the global slowdown and falling markets worldwide, Indian fund managers are increasingly launching India-dedicated property funds, which target 20-25 per cent returns here. Saffron Asset Advisors, which manages the real estate investments of NYSE Euronext-listed Yatra Capital, is now planning to launch a bouquet of funds focusing on India. The company is aiming at a total corpus of Rs 4,000 crore in the next couple of years. Starting from real estate, the company will launch sector-specific funds such as healthcare, logistics, infrastructure, hospitality and so on. The company has already launched Saffron India Real Estate Fund-1 and done its first closure of Rs 300 crore with Standard Life of United Kingdom. The company is planning to invest the amount in the next two months. […]
Despite prospects of an economic slowdown, the infrastructure sector still continues to be a big draw among foreign private equity investors. Europe’s biggest publicly-traded buyout and venture capital firm, 3i Group Plc’s ‘3i India Infrastructure Fund’ had exceeded its $1-billion target. A final closing of the fund is slated to be announced later this month, industry sources said. The response from investors to the fund, which is among the largest India-focussed core-sector funds raised so far, could augur well for some of the other big-ticket infrastructure funds in the offing, including an joint initiative being floated by Citigroup, Blackstone and State-owned India Infrastructure Finance Company Ltd (IIFCL) to raise a $5- billion fund and ICICI Bank’s plans to launch a $2-billion fund. […]
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