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The state-owned Life Insurance Corporation or LIC has decided to launch a Rs.500 crore venture capital fund exclusively for infrastructure, reports said. The company has decided to sponsor one of the proposed infrastructure debt funds or IDF and enter the venture capital or VC business to diversify operations. It already approached the Insurance Regulatory & Development Authority (IRDA) for its approval to be an IDF sponsor. Confirming the development, LIC acting Chairman D.K. Mehrotra said the VC fund would be launched in the next few days, adding that its housing subsidiary LIC Housing Finance (LICHF) would float the fund. […]
SREI Infrastructure Finance plans to raise $1 billion through an infrastructure equity fund that would invest in areas such as roads, power and ports, a top company official said on Thursday. The firm plans to start overseas roadshows from September, its chairman and managing director, Hemant Kanoria, said on the sidelines of a FICCI industry conference. “We are looking at $500 million for the first closing. The investments will primarily be for roads, ports and power,” Kanoria told reporters, adding that the first tranche would be raised in the next six months from overseas investors . India requires infrastructure investment of $1 trillion over the five years beginning April 2012, according to government estimates, with much of that expected to come from private investors. […]
New York-based private equity fund, India Equity Partners, has bought a controlling stake for 180 crore in Sagar Ratna Hotels, a 25-year-old popular chain specialising in South Indian cuisine. The funds will be used to open 200 more outlets over three to four years and revamp the format of the existing 70 restaurants, most of which are in North India, said a person close to IEP. […]
After scripting a blockbuster exit by earning about four times its investment in Hyderabad-based discount pharmacy chain MedPlus, Peepul Capital the $700 million private equity fund, is setting the stage for yet another healthy exit. This time, from the Chennai-based mobile phone retail chain UniverCell. According to investment bankers close to Peepul Capital, the company may be looking at atleast 2x its investment of $25 million which Peepul made during late 2008. UniverCell, with a strong presence in South India, has expanded into Maharashtra and has close to 300 stores with plans for a gradual expansion. Starting nearly a decade ago, UniverCell has been growing at a healthy pace with a topline of around Rs 500 crore. The company operates in a fast growing sector as India is adding as much as 10 million subscribers a month. India’s total mobile phone base is now in excess of 852 million and is among the top three fastest-growing markets in the world. UniverCell is up against players like Sangeetha Mobiles, Spice’s retail chain, RPG among others in the market which is estimated to be upwards of Rs 70,000 crore. […]
After lending in excess of $1 billion to Indian promoters and companies through its non-banking financial company (NBFC) KKR India Financial Services Pvt. Ltd, Kohlberg Kravis Roberts and Co. (KKR), the world’s fifth largest private equity firm by assets under management, plans to expand its Indian operations beyond private equity. “The idea behind setting up the NBFC business was if we only do private equity (PE) then there are not going to be enough deals,” Sanjay Nayar, KKR India’s chief executive and country head said. “The long-term plan is to build an asset management company, of which the NBFC will just be a part and over a period of time we could even set up a mezzanine fund.” The NBFC has got balance sheet money and risk-taking capability, and has become a local financial services unit, said the former Citigroup India head who joined the American private equity fund in 2008. […]
Private equity funds Matrix Partners and FC advisors (Mauritius) Ltd hold more than promoters Geeta and Rajesh Bhatia in the IPO-bound Tree house Education and Accessories Ltd. The two funds, along with another Mauritius-based entity, hold a majority stake with over 50 per cent in the pre-issue share capital of the company. Typically, PE funds have shied away from making control transactions due to Indian regulations which require a designated promoter at the time of an Initial Public Offer. Many PE funds do not want to take the mantle of a promoter and compliance and other responsibilities that come with it. This has kept the control transactions low in the Indian PE space. Even if PEs take control, not many have come to the IPO market, making the Tree House IPO a rare event. […]
T.V. Mohandas Pai, former human resources director at Infosys Ltd, and Manipal Education and Medical Group chief executive Ranjan Pai have founded a $100 million private equity fund that’ll make its first investment in 4-6 months. The fund will focus on mid-stage healthcare, health services and technology firms, Ranjan Pai said. “The idea is to invest in unlisted mid-stage companies, though eventually we will look at listed entities also,” he said in a telephone interview on Tuesday. Mohandas Pai, chairman of Manipal Universal Learning, told Businessworld magazine in a 6 August interview published online that he and Ranjan Pai want to provide more than just money to start-ups. Ranjan Pai said several fast-growing firms that needed both mentoring and funding had approached Mohandas Pai to join their boards after he quit Infosys in June. “So, we thought why not join them and become a part of their success story,” he said. […]
A new USD 200 million India fund was launched on Sunday by Aureos Capital , the world's leading private equity fund management company specialised in small and medium sized businesses in emerging markets. The focus will be on companies in emerging sectors and cities in India which are experiencing strong growth but because they remain below the radar of mainstream international investors, still have attractive valuations. “Traditionally, private equity firms in India have chased the same limited number of opportunities in cities like Bangalore and Mumbai. By looking beyond that, Aureos will be able to access strong companies at valuations below the rest of the market,” said Sev Vettivetpillai , CEO, Aureos. […]
Accel Partners, the globally-renowned venture capital and private equity fund, is set to embark on a fresh round of fund-raising dedicated to India. According to investment bankers, Accel Partners is understood to be firming up plans for a $125 million fund which will be its third in India. The Palo Alto, California-headquartered marquee venture capital fund, best known for investing early on in Facebook and Groupon, is understood to have sounded out its intent to various large fund of funds. The management of Accel Partners India offered not to comment on the fresh round of fund-raising. Accel Partners entered India in late 2008 when it acquired Bangalore-based early stage venture capital fund – Erasmic Partners. Erasmic at that stage was managing a $15 million fund. Accel post that went on raise its second fund in India and as of now manages a total $80 million and has so far backed 30 companies. […]
Nomura Holdings plans to launch a $500 million India infrastructure fund in September, its country head said, joining the league of firms looking to play a role in financing infrastructure projects in Asia's third-largest economy. The fund, which will invest in Indian infrastructure projects, will mostly target investors in Japan, Vikas Sharma, president and chief executive of the Japanese investment bank's India unit said. “Infrastructure fund is an important piece of the asset class that we want to address. India requires huge amount of infrastructure spends in the next five to 10 years,” Sharma told Reuters in an interview. […]
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