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CDC Group, the UK government-backed private equity emerging markets fund of funds investor, has announced that it has made new commitments totaling $185m to six private equity funds focused on investment in India taking its total commitment to over $1 billion. It is expected that these funds will raise a total of over $2.47bn for investment in the region. CDC's latest commitments include $50m to Baring India Private Equity Fund III, $50m to New Silk Route Private Equity Asia Fund, $25m to India Value Fund III, $20m to BTS India Private Equity Fund, $20m to Avigo SME Fund II and another $20m to VentureEast Proactive Fund. A statement from CDC said private equity firms invested $17bn in India in 2007, more than double the amount invested in 2006 of $7.4bn. However, the majority of these deals remain later stage where more mature companies are attracting expansion or pre- IPO financing with a relatively small amount being invested in early stage deals. […]
TutorVista.com, the consumer online education services company, has raised $18 million from PE player Sequoia Capital and LightSpeed Venture Partners to fund its expansion into a hybrid (online-offline) education model. In addition, the company is in talks with strategic investors to raise another $15 million independently, for which it has filed an application with the FIPB. The two-and-a-half-year-old company acquired the Bangalore-based Edurite last November, and the current ramp up focuses on Edurite Tutorial, physical brick-n-mortar centers where students get scripted lessons through technology and teachers act as mere facilitators. Earlier, the company had planned to roll out several key initiatives like enhancing the Edurite product and services portfolio and also venture into new fields. “So six months back, when we looked at opportunities in India, we decided that we cannot apply the global model here,” says K Ganesh, CEO and founder of TutorVista.com, a company operating from 23 Indian cities with over 800-plus teachers who sit at home and teach over 10,000 students worldwide, largely in the US. […]
Yatra Capital, a Jersey-based private equity firm, will invest 4.4 million euros in an upcoming Taj hotel in Calcutta. Yatra Capital will acquire a 40 per cent stake in Jalan Intercontinental Hotels Private Limited, the company which is building the 200-room property. The hotel will be managed by Indian Hotels Limited under the Taj Gateway brand. Built over a 1.9-acre plot, the hotel will be located at the junction of the Rashbehari Connector and EM Bypass. Yatra Capital is the first Jersey-based company to be listed on Euronext, Amsterdam. Yatra invests in India through Mauritius-based fund — K2 Properties Limited. The hotel will cater to the needs of IT and ITeS companies located in Sector V of Salt Lake, Rajarhat and New Town. […]
In the midst of a general slow down in the Indian real estate market, TAIB Bank, a leading private bank based in Bahrain, has picked up a 26% stake in Anant Raj Projects for Rs 216 crore. The deal, one of the first Shari’ah-compliant transactions in the Indian real estate industry, puts the valuation of the subsidiary of New Delhi-based Anant Raj Industries (ARIL) at Rs 831 crore. TAIB Bank has routed the investment through its real estate investment arm Acacia Real Estate. Anand Raj Projects plans to develop of 600,000 sqft of retail space which is expected to be operational by first half of 2009. The proceeds of the transaction will be invested in this project. DTZ India, the Indian subsidiary of DTZ Holdings, and International Property Consultant were the advisors to the transaction. Confirming the development, ARIL executive director Amar Sarin said: “Though the real estate market is passing through a tough phase, the investors are still keen to invest in bankable projects. Our deal with Acacia reinforces the fact that in real estate and, especially, in retail sector, location still remains the fundamental value generator.” […]
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