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In India, CalPERS made new investments of over $75 million (Rs 300 crore) in 100 new stocks, as per its annual report for the year ended June 2007. Companies belonging to oil/refineries (26.4 per cent), IT (20 per cent), logistics (14.2 per cent), banks/financial institutions (6.5 per cent) and infrastructure (5.5 per cent) accounting for the lion’s share of the fresh capital. Though the annual report does not show any investments in real estate companies, the fund’s spokesperson clarified that they have allocated $100 million to IL&FS Investment Managers for the India Realty Fund and $50 million to Sun Apollo for the India Real Estate Fund. The fund’s latest India portfolio shows that CalPERS’ top five sectors were oil/refineries, banks/financial institutions, IT, cement and telecom. […]
Mahindra & Mahindra is setting up a venture capital fund with an initial corpus of $50 million (Rs 2 billion). The fund, which will be held by a trust, is going to invest in the group's film and media initiatives. “The name of the media company is not yet firmed up. But it is the VC fund which will invest into the media business,” says a source in the company. Though the company will kick off with the film production business, it also plans to get into the television, internet and mobile space. “We are also considering the broadcasting business,” the source says. The peak funding requirement for the movie business would be $75 million (Rs 3 billion), the source adds. The plan is to produce 2-4 films in the first year of operations. […]
Gujarat Venture Fund Limited (GVFL) has raised Rs.600 million for its SME (small and medium enterprises) Technology Venture Fund. “The fund would be used for investing in various projects of both small and medium technology companies. GVFL plans to invest this entire fund in six to eight projects in a time period of one year with an approximate investment amount per project anywhere between Rs.5 and 15 crore (Rs.50 million to 150 million),” said Vishnu Varshney, CEO of GVFL, in a statement here Friday. GVFL plans to raise the entire corpus of its SME Technology Venture Fund to Rs.250 crore (Rs.2.5 billion) by 2009-10 from existing Rs.60 crore (Rs.600 million),” the statement said. “Venture capitalists invested over $777 million in 57 deals in India during the first three quarters of 2007, as per the India Venture Capital Report as against $158 million in 2006. […]
India-focused real estate investment company Yatra Capital Ltd said it has invested 28.01 mln eur in two joint venture projects in Bangalore. Yatra said it has acquired a 30 pct stake in Palladium Constructions, for 17.86 mln eur, and another 30 pct stake in Platinum Hospitality Services, for 10.15 mln euro. The company said with the new projects, it now has invested in 11 deals and has used 146.34 mln eur of 220 mln eur it has earmarked for investments in the Indian real estate market. […]
Kotak Investment Advisors Ltd (KIAL) has raised $440 million in a fund to invest in private equity opportunities, taking its total corpus under management to $1.4 billion. Kotak will continue its focus on investing in small and medium enterprises, mostly unlisted, a top official said. The fund has been raised entirely from institutional investors and high networth individuals in India who are Kotak Mahindra’s clients. Compared to three years ago when the emphasis of investment was on global themes, private equity strategy is increasingly shifting to domestic opportunities, C Jayaram, head of KIAL and executive director at Kotak Mahindra Bank, told ET. “We believe that is where the growth story is. Our sweet spot will also continue to be investments in range of $10 m-$30 m,” he said. […]
Red Fort Capital, the investment manager of Cayman Islands-based Red Fort India Real Estate Fund I, is planning to launch a second offshore fund next month with a corpus of Rs 3,200 crore ($800 million) to invest in the Indian real estate. The fund will be named Red Fort India Real Estate Fund II and is expected to close in June this year. Red Fort is targeting individual investors, corporate entities, pension funds, insurance companies, foundations, endowments and governments in Europe, the US and other countries, according to Subhash Bedi, partner, Red Fort Capital. The fund will invest in FDI-compliant projects in the residential, commercial, retail and hospitality sectors and has an investment threshold of Rs 40 crore ($10 million). ‘’We are expecting returns of 30 per cent,’’ Bedi said. […]
Kotak Private Equity Group and Kotak Realty Fund are together looking at investing $300 million in firms in India by the end of this financial year, reports Nishita Saxena in Hyderabad. “Our focus will be on infrastructure, domestic consumption & consumer spending plays besides global manufacturing opportunities. […]
Investment firm Quantum Equity Advisors said on Monday it has launched a $500 million private equity fund focused on infrastructure in India. Q India Fund will focus on investments in infrastructure projects and companies in India, it said in a statement. India will need $500 billion to $515 billion up to fiscal year 2011/12 to upgrade its infrastructure, a finance ministry report said recently. It said 30 per cent of the total spending is expected to come from private firms. “This has created a tremendous opportunity for private equity in infrastructure over the coming years,” the statement said. (Sify) […]
The Foreign Investment Promotion Board (FIPB), the nodal body for clearing foreign direct investment proposals, has rejected a proposal by Red Fort India Realty Fund (Trust), a registered venture capital fund for real estate investments, to bring in investments from offshore corporate entities owned by non-resident Indians. The FIPB, at its meeting held on March 7, 2008, also deferred a proposal by Singtel Australia Holding to set up a joint venture company with foreign equity up to 74 per cent for offering telecom services. This proposal attracts Press Note 1 of 2005 series as SingTel has a joint venture with Bharti Tele-Ventures. Finance Minister P Chidambaram has approved 18 foreign direct investment proposals amounting to Rs 1,553 crore, based on the FIPB’s recommendations. […]
Export Development Canada (EDC) is investing $50 million, its largest single equity investment to date, in a proposed $1 billion infrastructure fund in India to provide Canadian companies with new opportunities to participate in major projects i n the booming Asian market. EDC is Canada's export credit agency, which provides financing and risk management services to exporters and investors. The IDFC-sponsored India Infrastructure Fund will invest in infrastructure projects involving energy and utilities, transportation, t elecommunications and social infrastructure in India and will be managed by IDFC Project Equity Company Ltd. […]
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