|
|
After exiting its stake holding in the institutional broking arm JM Financial Ask Securities, Ask group plans to launch a private equity with an initial corpus of $100 million, besides a real estate fund by June, a top official said. Ask Group had recently sold its 40 per cent stake in the broking JV to the majority shareholder, JM Financial, for a consideration of Rs 81 crore. Ask Group's Chairman Asit Koticha told PTI that the firm is set to launch a private equity fund in 2-3 months with an initial corpus of USD 100 million and is in talks with more potential investors to invest in the fund. […]
Adverse market conditions have affected another major real estate transaction. Leading financial institutions — Citi Venture Capital and AIG — have called off their Rs 1,500-crore deal with real estate developer Akruti City which would have seen the foreign funds picking up 16% equity in the Mumbai-based realty player. In January, Citi and AIG had proposed to pick up equity in Akruti through a preferential allotment, where Akruti would place up to 10.7 million shares. The firm has now cited market conditions and delay in getting government approval as reasons for aborting the deal. The BSE Realty index has crashed 46% from its peak of 13,647 recorded on January 14. “In view of the inordinate delay in receiving necessary approvals from the Department of Industrial Promotion and Policy (DIPP), coupled with uncertain market conditions, we have decided not to proceed further with the proposed issue with the foreign funds,” Akruti City managing director Vimal Shah said. However, sources said that after the market fall, differences of opinion had cropped up between the foreign funds and the real estate firm on valuations which ultimately led to a deal abortion. […]
US-based Global Healthcare Investments and Solutions (GHIS) is gearing up to launch a $500-million fund to invest in the booming Indian healthcare sector. With private equity investments in the domestic healthcare and pharma industry touching $400 million during the first nine months of 2007, global investors, too, have been taking an active interest. The fund will invest in companies providing hospital services, including diagnostics, radiotherapy, wellness, health insurance and loyalty programmes (behavioural modifications), GHIS president Jack Shevel, who was here to attend a three-day Technopak-hosted health conclave, told ET on Wednesday. Initially, the fund’s corpus will be small, about $50-100 million, and aimed at hospitals with a bed capacity of over 150 and critical mass. The fund would be launched in phases and operate for two years. “We expect to finalise the fund in six-to-nine months time,” he said. GHIS is also engaged in discussions with at least 20 listed entities in the healthcare space to forge a strategic partnership. The list includes majors like Apollo, Fortis, Max, Wockhardt and the Mallya group. […]
PTC India Ltd will soon float an energy fund to finance power projects in the country, the company's chairman and managing director Tantra Narayan Thakur said on Thursday. “We have an in-principle decision to float an energy fund under the PTC's investment arm PTC Financial Services. We are in talks with the banks and financial institutions to tie up debt for the fund,” Thakur said. He declined to reveal details like the corpus of the fund and the date of commencement. PTC Financial Services is also looking at raising debt for its project financing operations. “So far we have been only taking equity in power projects against the investments. But since the RBI guidelines prevent us from investing more than 20% of our net worth by way of equity in a single project, we are talking to banks and financial institutions to syndicate debt to invest in such projects,” Thakur said. PTC India floated an investment arm called PTC Financial Services Ltd about six months back to invest in power projects. Australia's Macquarie group and US-based Goldman Sachs have 20% equity stake each in the company. […]
Private equity firm IndiaVenture Advisors Pvt Ltd is expected to announce its first investment in the next few weeks, Chief Operating Officer Vikram Gupta said on Thursday. “We have identified few investments in the healthcare delivery and support services. We should be making some announcements in the next few weeks,” Gupta told reporters on the sidelines of a conference. The average deal size could vary between $5-$15 million, he added. The fund has a corpus of $200 million with a focus on the healthcare sector. IndiaVenture is promoted by the founders of drug maker Piramal Healthcare Ltd, previously known as Nicholas Piramal India Ltd. (Reuters) […]
Kotak Investment Advisors Ltd, an unit of Kotak Mahindra Bank , has raised $440 million through its third private equity fund, it said on Monday. The Kotak India Growth Fund II raised the money within three months mainly from the client base of the group, it said in a statement. The private equity unit of the group manages three funds – India Growth Fund – I, India Growth Fund II and Kotak India Venture Fund I – and typically invests $15-40 million in each firm, the statement said.(Reuters) […]
Kotak Investment Advisors, the alternate investment arm of the Kotak Mahindra group, is set to launch a $1 billion (Rs 4,000 crore) infrastructure fund. The group, which consolidated its alternate investment business, currently manages two private equity funds and three real estate funds. The infrastructure fund will invest in core assets like power and transportation, which includes roads, ports and airports. The funds will be raised in the first quarter of 2008-09. […]
The Triangle Real Estate India Fund, established by Old Mutual Investment Group Property Investments (OMIGPI) and ICS Realty of India with the aim of achieving superior returns in the world’s fastest growing economy after China, has secured an investment pipeline of projects worth more than $400 million. The $500 million fund, which is due to open on March 31, is initially aiming to capitalise on the rapidly expanding organised retail market in India, says Colin Young (Pictured right), head of institutional property investments at OMIGPI. “Organised retail is wholly under-represented in India,” he says. “Retail is dominated by small operators, mainly owner-operated kiosks. Currently organised retail accounts for less than 4% of the $400 billion market. “The organised sector is expected to grow to 12% by 2010 as consumer preferences in a growing, urbanising population, half of which is under 25, increasingly shift to modern retail formats. […]
One of the oldest global venture funds — and one with a sharp focus on what India can offer — is almost two thirds of the way through its last funding cycle which had $650 million in the kitty two years ago. Norwest Venture Partners (NVP) is already planning to assemble its next war chest which, Managing Partner Pramod Haque indicated, might be deployed in 2009 and could well be around $1 billion. Speaking to the media on Thursday, even as NVP opens its second India office here (the first is based in Mumbai), Mr. Haque said the focus would increasingly be on harnessing and leveraging the reservoir of product and process innovation — much of it Internet driven — that is available in India. An indication of which sector might seem like sunrise for NVP was the recent appointment of former Motorola Vice-President Mohan Kumar as India-based Executive Director. […]
Lok Capital LLC, a Mauritius-based venture capital fund, has raised USD 22 million from institutional investors to fund micro-finance institutions in India. “Lok Capital raised its first round of funds from institutional investors including CDC, FMO, KfW, and IFC. The funds will be utilised to finance micro-finance institutions engaged in rural and urban lending,” Lok Advisory Services Managing Director Vishal Mehta said. He said with a fully functional local venture team in place, the Fund was confident of delivering support to larger number of MFIs and contribute to the overall growth of the sector. The increased capital base will enable the venture fund to reach out to a few more MFIs than what it originally envisaged, he said. […]
|
Post your messages.Please refrain from posting offensive messages. IndiaPE accepts no liability for the consequences of your reliance on these postings and messages.
|