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Investments from venture capital (VC) firms have fallen by 72 per cent in the first half of this year compared to the same period last year, a study by Chennai-based Venture Intelligence and Global India Venture Capital Association reveals. VC firms committed $117 million in 27 deals as compared to $413 million in 67 deals for the first half in 2008. ''The uncertainty in global financial markets over the past six months has affected VC investing in India as well,'' said Global India Venture Capital Association director Sudhir Sethi. […]
Tata Steel Global Minerals Holdings Pte Ltd, an indirect wholly owned subsidiary of Tata Steel Ltd has today acquired additional shares of Riversdale Mining Ltd, Australia through market purchases taking its total holding to 19.38%. Riversdale Mining Ltd (RML) is a mining Company listed on the Australian Stock Exchange (ASX). RML has acquired coal exploration tenements in Mozambique with the combined tenement size now in excess of 250,000 hectares in the Tete-Moatize area. Within the Tete province, the Benga Coal Project is being developed as a joint venture between Riversdale Mining Ltd (65%) and Tata Steel Global Minerals Holdings Pte Ltd (35%). […]
Enchanted by the gradual turnaround of the economy private equity and venture capital investors, who have invested over $2 billion into Healthcare & Life Sciences (HLS) companies in India over the last five years, are now keen to increase their investments in this industry, A survey of over 60 PE & VC firms conducted by research firm Venture Intelligence shows that the investors are especially keen to tap into sectors like diagnostic services, medical devices / equipment, hospital chains and wellness products and services. […]
Plywood and veneer manufacturing firm Century Plyboards’ fund raising plans of Rs 250 crore through the qualified institutional placements (QIPs) route have undergone a change. The company is in talks with global and domestic private equity players to raise Rs 100-150 crore to part-finance its cement expansion plans. The move follows the management’s decision to put its plans of setting up MDF plants in Punjab and Uttarakhand on hold for the time being till the Indian economy revives completely. “Since our MDF plans have been deferred, we will require funds to expand our cement capacities only. The company hopes to zero in on the prospective PE investors over the next three months or so,” told Century Plyboards (I) joint managing director Sanjay Agarwal to ET. […]
To generate revenue from new businesses, the Industrial Development Bank of India (IDBI) is waiting for approval from Reserve Bank of India (RBI) to set up a private equity venture. Yogesh Agrawal, Chairman and Managing Director, IDBI Bank said, “We are planning to get into private equity venture and have sought permission from the Reserve Bank of India. We have long experience in the business.” The central bank has already approved IDBI to start an asset management company (AMC). […]
A private equity fund launched by Renuka Ramnath, the former chief of India's ICICI Venture, plans to raise $450-500 million through its assets management company, Multiples, media reports said. Multiples has already received financial commitments of $150-$200 million from some limited partners, the release said quoting chief executive officer of an unidentified private equity firm. The commitments are in the process of being formalized and the first tranche of the fund could be in place in less than two months, it said. […]
Dabur India announced that the consequent to the acquisition of 92.15% shareholding in Fem Care Pharma (FEM), Jaquline, USA, a wholly owned subsidiary company of FEM, has become a step down subsidiary company of Dabur India. Dabur India manufactures and sells ayurvedic medicines, baby care products, natural, herbal, personal health products and processed foods either directly or indirectly through its subsidiaries. […]
The Anil Ambani Group targets to raise Rs 2,000 crore through a private equity fund nearly a year after it announced its plan to enter this space. The fund has a greenshoe option for an additional Rs 1,000 crore. Reliance Equity Advisors (REAL), a wholly-owned subsidiary of the group’s financial services arm Reliance Capital, has begun selling the fund privately to high net worth individuals (HNIs) and financial institutions (FIs). REAL CEO Ramesh Venkat told ET that the target was to raise money equally from HNIs and financial institutions, as opposed to the common practice of domestic PE players raising most of the fund in offshore markets. “Private equity in India has matured as an asset class over the past decade. However, participation of local HNIs is not very big in this sector. Our aim is to provide an opportunity to this investor class to participate,” he added. […]
Private equity investors are confident about the long-term growth in India and other emerging markets, but are adopting a cautious attitude towards new investment activity in the short to medium term, says a survey by the global consultancy firm, Deloitte. According to Deloitte's Emerging Markets Comparative Private Equity survey across eight emerging markets globally, the long-term growth confidence remains positive, even as the impact of economic downturn can be seen across all of these. The survey reveals that a general cautious attitude for new investment activity, however, exists across all the emerging markets. […]
ICICI Venture, India’s largest private equity firm, has run into difficulties in securing commitments from some key investors for the $841-million India Advantage Fund Series 2. The investors have said they were not informed about recent changes in the company’s management and have, therefore, triggered a clause in their agreement allowing them to hold back their committed funds. This ‘key man’ clause, which is incorporated in the agreement between a fund manager and investors (also known as limited partners, or LPs), allows the latter to change their investment strategy if key management members or employees leave the fund in which they are investing. ICICI Venture already has a firm commitment for two-thirds of the fund’s financing, while the rest is under dispute. The company has over $2 billion in funds under management. […]
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