|
|
DTH major Tata Sky is now considering a second round of funding of $150-200 million and is in conversation with various private equity players such as Providence, Carlyle, Blackstone, Goldman Sachs and Apax Partners. Tata Sky is looking at diluting about 10% stake. The current holding structure of Tata Sky looks like this: 20% with Star (FDI), 10% with Temasek (FII) and 70% with the Tata’s. By law, a DTH operator in India has to be have a minimum holding of 51% by an Indian entity. Singapore-based PE player Temasek had bought about 10% for about $56 million. The valuation of the company in three months has risen more than two-fold. “We have been approached by several private equity players. If and when we decide to go in for a second round of funding, we will let you know,” said Tata Sky CEO Vikram Kaushik. […]
The billion dollar private equity club is growing. Notwithstanding the presence of pure play PE majors, banks are also raising $1 billion India-focused funds through their PE arms. Hongkong and Shanghai Banking Corporation (HSBC), which has global assets running into trillions of dollars, is the latest one to come into India with an estimated $1.1 billion for growth stage companies and real estate ventures. According to company officials, HSBC India has recently raised a $500 million realty fund, which will run parallel to the growth fund investments in the range of $600 million. Naina Lal Kidwai, group general manager and country head, HSBC India, said, “At the Asia PE fund level, of which India is an arm, we have recently closed a $1.5 billion fund. According to our estimates, 40 per cent of that is expected to be committed to India.” […]
New York-based private equity firm Clearwater Capital Partners is looking at investing $120 million (around Rs 480 crore) in four PE deals in India in the next three months. Clearwater, which focuses on small and medium-sized distressed and undervalued companies in Asia excluding Japan, has already invested $350 million in 26 deals in India in the last two and a half years. “Of our total corpus ($1.7 billion), exposure to India is in the range of 25-27 per cent. We have invested $350 million in 26 deals and will invest another $120 million in four more in next three months,” Clearwater Managing Partner Rob Petty told media. The investments include automotive parts company Jamna Auto, Diamond Cables, hospitality company Kamath Hotels and offshore services firm Dolphin Offshore Enterprises (India). The firm is sector agnostic and looks at investment of $15 million upwards with an aim to stay put for 2-4 years. […]
Venture capital firm VenturEast Funds launched its seventh fund, called VenturEast Proactive Fund, which will invest $150 million (Rs590 crore) into technology across early-stage and growth-stage companies. Out of the $150 million, $96 million has already been raised by the firm, which is headquartered in Chennai and Hyderabad. The fund will focus on businesses that serve small-and medium-enterprises and lower economic segments. This brings the firm’s total funds under management to approximately $300 million. Investors in the fund include US-based Argonaut Private Equity, Saudi Economic and Development Co., Life Insurance Corp. of India (LIC) and International Finance Corp. (IFC). Mint had reported on 12 October that VenturEast would be raising new funds worth $150 million for technology and life sciences. VenturEast gave additional details on its plan on Wednesday, explaining that $150 million will be dedicated to technology alone. The life sciences fund (the firm’s second fund for this sector) will be launched early-2008, but the size has not yet been decided. […]
Focused entirely on domestic automotive components industry, IFCI Venture Capital Funds Ltd is launching a private equity fund in association with German consultancy UBF-B worth €100 million (about Rs 550 crore). The fund managers plan to invest the initial corpus of €100 million in about 30 companies which are at the bottom of the growth curve. “Strong corporate governance is a pre-requisite for the firm to attract investment from outside,” said Mr Rajeev Mukhija, Deputy General Manager, IFCI Venture Capital Funds. The fund, which will have a life of 10 years, is anticipated to have its first closing on March 31, 2008. It will be constituted as two-tier hybrid fund structure with Indian investors contributing in India Domiciled Trust Fund and international investors contributing to Overseas Domiciled Limited Liability Company. “We will base the Overseas Domiciled Limited Liability Company in either Cyprus or Mauritius where foreign investors can enjoy tax benefits. We are targeting €40 million from the overseas investment, while the rest would be from Indian investors,” said Mr Mukhija. […]
JPMorgan & Chase Co., the third- largest U.S. bank, set up a $2 billion fund focusing on infrastructure investments in India, where spending on roads, ports and power may double over the next five years. The fund will be ready to invest in companies and projects by the end of this year, Anil Bhalla, managing director of the Asian Clients Group at J.P. Morgan Securities Inc., said in an interview in Mumbai yesterday. JPMorgan joins Blackstone Group, Citigroup Inc. and ICICI Bank Ltd. in starting infrastructure funds in India, the world's fastest growing major economy after China. The nation may ease borrowing restrictions to help finance an estimated $500 billion required in public works by 2012, according to Finance Minister Palaniappan Chidambaram. […]
The Internet search giant Google has invested in the early stage venture capital fund Ventureast TeNet Fund II – a seed-stage fund run by the Tenet Group of IIT, Madras and Ventureast Fund Advisors. The company has also joined the Indian Angel Network, an organization of professionals and companies dedicated to supporting entrepreneurship in India. The Ventureast TeNet II fund invests in technology that enables early stage entrepreneurs to get their businesses off the ground. Emphasis is placed on technologies and solutions focused on small and medium-sized enterprises and bridging the digital divide in India and global markets. The Indian Angel Network brings together entrepreneurs, companies and CEOs from India and around the world to provide money, mentoring and strategic inputs to early stage ventures in multiple sectors. […]
British investment management group Protego Real Estate Investors LLP said on Thursday it hoped to raise up to $400 million of equity to launch a speculative Indian office development fund. The Protego WIRE Indian Office Development Fund has been designed in joint venture with WIRE Commercial Partners, a unit of Singaporean property services company WIRE Group. The closed-ended, seven-year fund will invest primarily in office development projects in tier one and tier two cities in India. It said it hoped to raise $150 million of seed equity by the end of the fund's first closing in February. Protego is targeting net returns in the region of 25 percent. […]
Extramarks.com, an online education model that offers ‘after-school’ academic support to students, plans to raise $5-million (around Rs 20 crore) venture capital fund to fuel its growth plans. Promoted by Noida-based international BPO company Cleaveglobal E-Services Limited, the portal is in talks with three venture capital firms and is expected to close a deal soon. According to Atul Kulshrestha, founder-director and chairman of Cleaveglobal, the company intends to utilise these funds to invest in enhancing the existing infrastructure and launching the model in the UK and US in the next six months, besides introducing syllabus for higher education including engineering and curricula of state educational boards. “Our idea is to create a networked community between students, teachers and parents. Students can communicate and interact with their peers across the country, ask questions and answer among themselves, and can even interact with teachers for realtime subject expert guidance,” he said. […]
TiE will rope in VC funds and angel investors. After witnessing a rush of early-stage venture capital (VC) funds and angel investors into the country, the government is taking steps to float a fund to make available seed capital — the earliest stage of funding a business — to entrepreneurs with innovative ideas. This is part of an effort to have a broad programme to foster innovation and take it to global markets. For this, the government is putting together a framework for setting up an innovation promotion council. The fund’s initial corpus of Rs 75 crore will come from the Ministry of Science and Technology. According to information, the Centre is expected to engage The Indus Entrepreneurs (TiE), a network of early-stage VC funds and angel investors with associations in the sub-continent, and Indian School of Business (ISB), Hyderabad. […]
|
Post your messages.Please refrain from posting offensive messages. IndiaPE accepts no liability for the consequences of your reliance on these postings and messages.
|