|
|
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. […]
Sintex France SAS, a downstream subsidiary of Sintex Holdings BV, Netherlands (Sintex Offshore Holdings) has acquired 100% shareholding of Nief Plastics SA, France (Nief). Sintex Offshore Holdings is a wholly-owned subsidiary of Sintex Industries. The deal has been finalised as a cash transaction of euro 30.70 million (equity value). According to a release issued by Sintex to the BSE today, Nief Plastics manufactures a wide range of exterior and interior plastic component systems and thermosets. The products are widely used not only in the electrical, automotive, and aerospace sectors, but also in household appliances, building industry, sports / leisure as well as the finished products market. […]
Cisco Systems Inc said it is extending another 100 mln usd to its venture investment in India and, as a initial step, is collaborating with Satyam Computer Services to explore a new operation in healthcare management. The network equipment maker also expects 60-70 pct of its growth to come from emerging countries, including India, the company said today at the inauguration of its globalisation centre in India's software hub Bangalore. (CNN) […]
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. […]
Ortel Communications Ltd, Orissa's leading multi-system operator (MSO), is eyeing private equity investors and plans to raise Rs 2 billion to fund its expansion programme. Ortel has given the fund raising mandate to Equrius. “We are looking to raise money through private equity investors. Though our fund requirement for expansion is Rs 2 billion, we will also be raising debt. The exact debt:equity mix is being worked out,” Ortel Communications promoter Jagi Mangat Panda has told Indiantelevision.com. The MSO is planning to launch cable TV services in Kolkata, Vizag and Raipur. It currently operates in 10 cities of Orissa and ended with a topline of Rs 370 million for the fiscal ended 2006-07. […]
A couple of private equity (PE) firms have evinced interest in picking up around 40 per cent stake in Valecha Infrastructure, a wholly-owned subsidiary of mid-sized road construction player Valecha Engineering. “We have plans to dilute 40 per cent stake in Valecha Infrastructure. Two PE players – one from India and another from overseas – have evinced interest to pick up stake in the company. We hope to close the deal shortly,” said, Valecha Engineering Managing Director Jagdish Valecha. Valecha Infrastructure plans to raise Rs 100 crore by diluting the stake and grab orders worth Rs 1,000 crore in one year in three verticals – transport, power and real estate. […]
Financial Technologies (India) (FTIL) has submitted expression of interest (EoI) to invest up to 5% of the paid-up capital in some regional stock exchanges. According to a release issued by FTIL to the BSE today, the company is interested in three exchanges – the Delhi Stock Exchange, the Vadodara Stock Exchange and the Interconnect Stock Exchange. The investment proposal is based on the proposal for de-mutualisation of various regional stock exchanges in India. The company has clarified that it would not pursue any more investments in regional stock exchanges, and any existing investments and/or any allotment of shares with reference to its submitted EOIs in regional stock exchanges will be retained as portfolio investments.(Business Standard) […]
The FIPB has put on hold Chennai-based rail infrastructure company Sical Infra Assets’ proposal to attract Rs 106 crore investment from PE firm Old Lane Mauritius. The railways wanted the decision on hold since Sical has a concessionaire agreement with railways for operation of container trains and the deal is valid for 20 years. The ministry is of the view that proposal of transfer of shares and induction of foreign equity has to be examined in light of existing concession pact. The ministry of shipping has also supported the stand adopted by railways officials at a recent meeting of the FIPB. Therefore, the Board decided to take it up again later. Sical Infra Assets, a Chennai-based public limited company, is engaged in developing, implementing and operating infrastructure projects. The company is a wholly-owned subsidiary of Sical Logistics. Sical Infra had sought FIPB’s permission to induct foreign funds through issue of compulsorily convertible debentures to Old Lane Mauritius. The equity ratio between Sical Infra assets and OldLane Mauritius is proposed to be in the ratio of 74:26. […]
Fund raising by global private equity (PE) firms in the July-September quarter hit a two-year low on a quarterly basis in the wake of the recent crisis in the US subprime mortgage market. While a delay in their fund-raising plans may result in a temporary drop in the number of private equity deals globally, it could come as a blessing in disguise for Indian and Chinese companies planning to raise capital. Around 136 private equity funds have raised $91 billion globally during the quarter under review against $177 billion in the April-June quarter, according to Private Equity Intelligence, a global private equity research entity. “This suggests that in the short term the credit crunch (due to the subprime crisis) has had an adverse effect on fund raising,” the Private Equity Intelligence report said. But shortage of money supply is the only concern for private equity firms, especially the smaller ones, in meeting their fund raising targets. “With so many managers on the road trying to gather commitments for their funds, it is likely that managers will find it increasingly challenging to reach their original fund-raising targets. Apart from the biggest firms, and those that are able to draw entirely from existing limited partners, it is going to become an increasingly difficult time for fund managers currently on the road,” it said. Currently, there are 1,195 funds seeking a staggering $619 billion in aggregate target commitments, estimates Private Equity Intelligence. […]
|
Post your messages.Please refrain from posting offensive messages. IndiaPE accepts no liability for the consequences of your reliance on these postings and messages.
|