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The Aditya Birla Group is set to broaden the ambit of its financial services business by foraying into new segments that offer high growth. The Birlas are looking at the option of entering into real-estate funds, private-equity fund, brokerages and non-life insurance businesses, according to a source familiar with the matter. An Aditya Birla Group spokesperson declined to comment. The group is now present in life insurance, retail and corporate financing, asset management and distribution businesses. It has partnerships with Canadian financial services major Sunlife for its life insurance and asset management businesses. […]
Nabard, the apex rural development bank in India; Cordaid, a Dutch non-governmental development organization; CEP Investment Trust Fund, a Canadian social venture fund supported by CARE Canada; ENAM Capital, part of ENAM group, a leading Indian financial services conglomerate; Lesing Nominees and Aavishkaar International announced their joint investment in the India-focussed pioneering micro equity fund, Aavishkaar India Micro Venture Capital Fund. This joint investment raises Aavishkaar’s fund corpus to $6 million and will support the launch of up to 60 socio-commercial businesses in India over the next 5 years. The fund aims to double its corpus size in next six months by attracting more global investors. Aavishkaar India Micro Venture Capital Fund commenced operations in 2002 and is aimed at promoting economic growth in rural India by supporting innovation driven bottom-up companies in sectors such as agriculture, rural businesses, handicrafts, renewable energy, healthcare and technology for development. […]
Private equity fund Actis Advisors is planning to launch a $3-4 billion private equity fund globally, with $1 billion allocation for India. Actis which has been investing in PE in India for more than a decade is also planning its first India dedicated real estate fund with a corpus of $250-300 million. Sources said the fund raising process for the private equity and real estate funds has already begun. The firm is planning to raise funds from institutional investors in the US, Europe and West Asia. Both the funds are likely to be registered in Mauritius. For the real estate fund, the first close of $100 million has already been achieved. “We are evaluating few deals in the real estate space,” the sources said. J M Trivedi, the managing director of Actis Advisors, could not be reached for comments. The average deal size of investments is likely to be $30-50 million and the private equity fund will be investing across all sectors. […]
India-focused private equity Peepul Capital LLC said on Wednesday it had raised $214 million for a second fund and was looking at sectors such as manufacturing and logistics. Peepul, formerly iLabs Management, has been investing in Indian companies since 2000. It has a total corpus of $325 million, with investments in technology, media and consumer product firms. “Our aim is to build on existing capabilities as well as continue to explore new domains,” Managing Director Sandeep Reddy told reporters at a news conference. The fund, which has sold investments in Internet firm Sify Ltd. and news agency Indo-Asian News Service, usually looks for deals of $5 million to $30 million but is open to larger holdings, he said. It currently has investments in more than a dozen Indian companies, Reddy said, but did not give details. Industry tracker Chennai-based Venture Intelligence estimates private equity investments in India will rise by a third to about $10 billion in 2007. There were 47 private equity deals in July and August totalling $2.36 billion, compared with 60 deals worth $1.08 billion in the same period last year. (ET) […]
Beacon India Private Equity Fund, belonging to Baer Capital Partners, has invested Rs 75 crore in A2Z Maintenance & Engineering Services, a fast-growing engineering, procurement and construction (EPC) company. A2Z has registered massive growth over the last three years riding on the back of reforms in power sector and the unbundling of state-owned electricity boards. The company recorded a turnover of Rs 182 crore last year and registered a compounded growth of 446 per cent, a press release said here on Tuesday. Beacon India Private Equity invests in small and medium-sized companies across different sectors with investment size being in the region of $5 million to 25 million. (ET) […]
Norwest Venture Partners (NVP), a leading Silicon Valley venture capital firm, has opened office in India. The firm, led by Promod Haque, is best known for its technology investments. Its portfolio has 60 companies including 20 that are based in the US but have an Indian presence. Five of its investee companies are based in India. Norwest’s India operations will be based in Mumbai and headed by Niren Shah as managing director. Shah was earlier with eBay in the US as senior director of strategy and ventures and before that with KPMG’s corporate finance team in India. Two more executives are likely to join the team in Mumbai as the fund expects to finalise more India investments. Unlike a few VC firms that have floated India specific funds, NVP makes all its investments from a global fund. The investments are across the US, India and Israel. The firm has around $2.5 billion under its management with the current fund at $650 million. Mr Haque said the number of India investments may to go up from 10% to 15% of the total fund size.(ET) […]
Private equity firm IL&FS Investment Managers Ltd has tied up with Milestone Capital Advisors Pvt Ltd to raise up to Rs 1000 crore through a real estate fund, it said on Monday. The IL&FS-Milestone Fund-I is a four-year close end fund with an option to extend the term by two more years, if required, the two firms said in a joint statement. The fund is looking at a initial corpus of Rs 1000 crore, including a greenshoe option of Rs 500 crore. It is looking at an annual yield of 11 per cent and an annual return of 18-20 per cent with the property price appreciation, it said. The minimum investment in this fund is Rs 0.1 crore for individuals and Rs 1 crore for corporates. It opened for subscription on Monday and will close on October 30, the statement said. (Sify) […]
Kishore Biyani’s real-estate investment arm is all set to launch a hospitality fund that will invest in hotel projects. The details of the hospitality fund, including the entire corpus, are not being made public. But the market buzz is that it should be somewhere around $350 million. Promoted by Future Group, Kshitij Investment Advisory Co Ltd (KIAC) is developing/managing 56 properties across the country. It currently manages two retail-focused real estate funds: Kshitij Venture Capital (KVC) Fund ($80 million) and Horizon International Fund with a corpus of $350 million. While the KVC corpus is fully committed its capital to develop 13 retail projects across metros, mini-metros and tier-2 towns, the Horizon International Fund has already committed over 70% of the $350 million for various real estate projects.Shishir Baijal, CEO, Kshitij Investment Advisory Co Ltd, refrained from making any comment. Another reason being cited was them being in the silent phase as Biyani’s financial arm Future Capital is all set to hit the market in the near future. A reliable industry source said: “The fund should be in a position to hit the market anytime. In fact, if everything goes as per the plans the announcement can be expected within the next 30-45 days,” said the source. The source also said the hospitality fund will not only invest in the hotel projects being partnered by group companies but also consider those being developed by others. […]
Ajay Piramal-controlled real estate private equity fund Indiareit will raise close to $750 million overseas to invest in the real estate sector. The company is managing a real estate fund with a corpus of Rs 1,300 crore. Global private equity firms have already committed over $3 billion worth of investments in the Indian real estate space. “This will be our second overseas fund raising. We are going to raise about $500 million and will have a greenshoe option of $200-250 million,” Ramesh Jogani, managing director and chief executive officer, Indiareit Fund Advisors, said. […]
ICICI Bank, India's biggest bank by market value, said it's setting up a $2 billion overseas fund to invest in roads, ports and utilities in the world's fastest- growing major economy after China. The Mumbai-based bank is meeting global investors and expects to close the fund in about three months, Chanda Kochhar, deputy managing director at ICICI Bank, said today in an interview. “There's a lot of demand for funds from sectors like power, airports, roads and telecoms,'' Kochhar said. The fund will have a lifetime of more than 10 years, she said. India's government plans $320 billion of infrastructure projects to ease bottlenecks that are constraining growth. Gross domestic product has expanded at a record 8.6 percent average pace since 2003, faster than any of the world's 20 biggest economies except China. […]
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