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A $100 million ($38.5m) Oman-India joint investment fund will soon become a reality with the two countries set to sign the final agreement this week. The Sultanate's Minister of National Economy and Deputy Chairman of the Financial Affairs and Energy Resources Council Ahmed bin Abdulnabi Macki will sign the pact with his Indian counterpart during his visit to New Delhi between July 13 and 15. The fund is expected to provide the much-needed fillip to bilateral investment and trade, an Indian Embassy press release has said. A memorandum of understanding to set up India-Oman Joint Investment Fund was signed between the two countries during the visit of Indian Prime Minister Dr Manmohan Singh to Oman in November 2008. Although the initial corpus is $100 million, this can go up to $1.5 billion later. The State General Reserve Fund of Oman and State Bank of India will contribute the corpus money from Oman and India, respectively. […]
The government is planning to set up a Rs 10,000-crore venture capital (VC) fund for financing new drug discovery projects in the country. “We will soon invite bids from consultancy firms for establishing a venture capital fund in public-private- -partnership that would finance research and development (R&D) activities in the pharmaceutical segment,” Department of Pharmaceuticals Secretary Ashok Kumar told reporters on the sidelines of a Ficci event. The department will soon invite bids from advisors to prepare a detailed project report on the proposed fund, Kumar said. The initial target will be to raise up to Rs 3,000 crore by 2011-12, and it would be gradually increased to Rs 10,000 crore by 2015, he added. National Institute of Public Finance and Policy (NIPFP) is advising the department in the process of selecting an agency to design the fund. […]
RSWM Ltd said it will divest its stake in Bhilwara Energy Ltd (BEL) to two foreign investors as part of its plan to fund its power projects in India and Nepal. This will reduce RSWM’s stake in BEL to 17.4% from 19.5% through divestment of 10.8% stake by BEL for Rs230 crore, it said in a regulatory filing. BEL will sell its 10.85 stake to two investors Washington-based IFC and India Clean Energy Fund for $50 million ($25 million each by both the parties) taking total foreign investment in the company to 17%. Other LNJ Bhilwara Group companies, HEG Ltd and RSWM hold 28.9% and 19.5% respectively in BEL before current round of dilution. The balance is held by the promoters directly. […]
The government is planning to set up a Rs.3,000-crore venture capital fund to support the growth of the country's pharma industry. Ashok Kumar, secretary, pharmaceutical department in the ministry of chemicals, Monday announced this while inaugurating a national convention on biopharma here. He said the National Institute of Public Finance and Policy (NIPFP) is finalising the bid document and the expression of interest for setting up the fund will be issued this month, according to a release by industry lobby FICCI. The release quoted Kumar as saying that the government earlier had issued an expression of interest for technical and financial bids for the selection of a global level consultant for preparation of a detailed project report for developing India as a drug discovery and pharma innovation hub by 2020. […]
In its first investment in the education sector, ICICI Venture is using its Mezzanine Fund to put in money in the country’s largest international baccalaureate chain, based in Hyderabad. The Mezzanine Fund managed by ICICI Venture is understood to be investing Rs 20 crore in redeemable debentures of People Combine Avenues of Hyderabad, which runs India’s largest International baccalaureate (IB) school — Oakridge International School — in Hyderabad. When contacted, an ICICI Venture spokesperson declined to comment. The company, formerly known as Vikas Education Institutions Limited, was promoted by first generation entrepreneurs, T Naga Prasad and Raja Shekhar Babu. […]
The value of private equity- backed deals globally stood at $43.3 billion in the April-June quarter of 2010, registering a 60 per cent jump over the previous quarter, says the latest study. In the January-March period of 2010, the value of such private equity (PE) backed deals was $27.1 billion, according to research firm Preqin. In terms of number of deals too, there was a quarter-on-quarter increase, with 411 PE deals being announced in the second quarter of 2010, up from 356 in Q1 of 2009. “Despite continuing challenges in the buyout market in this post-credit crunch landscape, deal flow in Q2 of 2010 represents the strongest quarter for buyout deals since the onset of the financial crisis in 2008,” said Preqin Managing Analyst (Buyout Deals) Manuel Carvalho. […]
Housing Development Finance Corporation Limited has informed the NSE that the Corporation had agreed to acquire approximately 41% in the fully diluted equity share capital of Credila Financial Services Pvt. Limited (Credila) from DSP Merrill Lynch Capital Limited, subject to compliance with applicable regulations. In this connection, today HDFC has subscribed to an additional 40,28,000 equity shares of Rs. 10/- each of Credila for cash at par aggregating to Rs. 4.03 crore. […]
Shares of Deccan Chronicle Holdings jumped on the buzz that it has sold its entire stake in the Hyderabad IPL team, Deccan Chargers, for USD 300 million. The sudden spurt in the stock was witnessed amid media reports that the company has sold 100 per cent stake in Deccan Chargers, the franchise that represents Hyderabad in the Indian Premier League, for USD 300 million. […]
Private equity major 3i India has closed down its buyout division and merged the team with its infrastructure unit, because it sees greater investment opportunities in building roads, bridges and power stations than in taking over companies. This mirrors a similar development in the firm’s Asian operations, where the buyout team was recently merged with the growth capital division. The head of 3i’s Asian buyout team, David Osborne left last month. Saurabh Shah, the former head of the India buyout team, will now move to the infrastructure team along with Shrikant Bahadkar, taking the total team strength for infrastructure to ten. “Our long term view is that buyout will be big in India, but at the moment there is no supply…no one is selling, so buyouts are scarce,” 3i Asia head Anil Ahuja, who is also in charge of the infrastructure unit, told ET. Infrastructure is one of the three focus areas for the listed private equity firm which has around $11 billion in assets; the other two are growth capital and buyouts. […]
PE players, advisory firms say the second half will see the same level of activity. Private equity (PE) investments are back. In the first half of calendar year 2010, total PE investments touched $4,571 million (around Rs 21,380 crore) across 138 deals (excluding real estate). This was a three-fold jump over the $1,508 million (around Rs 7,057 crore) invested in 111 deals during the same period last year, said a study by Venture Intelligence, a research service focused on PE and merger and acquisition (M&A) activity in India. In the quarter ended June 30, PE firms invested about $2,364 million (around Rs 11,063 crore) in 67 deals. This was 2.6 times more than in this period last year (which saw $890 million being invested in 51 deals) and also higher than the quarter prior to that ($2,207million in 71 deals). With this, the amount invested by PE firms in India has climbed for the fifth successive quarter. […]
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