Reliance Venture Asset Management, an Anil Dhirubhai Ambani Group (ADAG) enterprise, today said it has completed one round of funding in Tessolve Services, a semiconductor test and product engineering company. Along with Reliance Venture Asset Management, the other co-investors in this 'Series C' round of funding include JAFCO Asia, Qualcomm Ventures and Applied Ventures, the company said in a statement. Reliance Venture Asset Management, however, did not disclose the financial details of the deal. “Tessolve's strong engineering capabilities and its value proposition to customers has made it an industry pace-setter and we are proud to be their partners in success,” Reliance Venture Asset Management CEO Harshal J Shah said. […]

The Blackstone Group (NYSE: BX), announced today that it will be investing INR 2250 million (approximately USD 50 million) in Jagran Media Network Private Limited, which will hold majority share of Jagran Prakashan Limited (“JPL”). JPL is India’s leading media and communications group, with the group’s flagship brand, Dainik Jagran, being the most widely read newspaper in the world with a total readership of 54.6 million. Jagran Media Network Private Limited will file for necessary approvals for the investment with the Foreign Investment Promotion Board (“FIPB”) today. Dainik Jagran, which publishes 37 editions and more than 200 sub-editions across 11 states, has maintained its position as India’s widest read newspaper for the last six years. JPL has evolved into a leading end-to-end media solutions provider with interests across newspapers, outdoor advertising, below the line solutions, internet, magazines and mobile value added services. […]

Bhartiya Samruddhi Finance Limited (BSFL), a Livelihood Promotion Institution has announced that it has closed its Series C with Rs1.18bn ($ 26 MM) of equity. Matrix Partners India has invested Rs1bn as the lead investor in the funding of BSFL along with returning investors Hivos Triodos Fonds and Lok Capital, in a total transaction size of Rs1.18bn. BSFL is the flagship company of the BASIX Group, promoted by Vijay Mahajan. Welcoming Matrix Partners, India to BSFL, Vijay Mahajan, Chairman of BSFL and BASIX said “Matrix with their long term investment horizons and an in-depth understanding of the MFI sector complement the BASIX mission of inclusive growth through sustainable livelihood promotion in India, with valuable growth capital. With this capital infusion, during the current fiscal year, we will double our credit portfolio to over two mn customers and Rs20bn in outstandings, while our micro-insurance and micro-pensions services will reach three mn, and our Agri/Business and Institutional Development Services one million, poor households respectively”. […]

Private equity fund IL&FS Investments Ltd has acquired an 82 per cent stake in Tiruchirappalli-based GK Industrial Park Pvt for around Rs 70 crore. The park, coming up on 600 acres on the outskirts of the city, is being being funded through debt and equity. “IL&FS Investment Managers has taken 82 per cent equity and invested around Rs 70 crore in the project,” GK Industrial Park director KG Muralidharan. The debt portion of Rs 77 crore will be funded by Punjab National Bank. Muralidharan said the company had invested around Rs 75 crore to acquire land and plans to invest Rs 150 crore to create infrastructure in the park. […]