January 2010
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Qatar fund in talks for 10% stake in Hinduja Power

Qatar Investment Authority, or QIA, the sovereign investment fund promoted by the emirate’s ruling family, is in the final stages of negotiations to purchase a 10% stake in Hinduja National Power Corp. Ltd, or Hinduja Power, said two persons familiar with the development. The fund will pay Rs200 crore, at Rs40 a share, for the stake in the company that’s building a 1,040 MW coal-based energy plant at Visakhapatnam in Andhra Pradesh. “We have been in dialogue with quite a few investors,” Ashok K. Puri, managing director of Hinduja Power, said in an interview earlier this week, declining to give any more details. “The Hindujas will be in the driver’s seat and till the deal is finalized, we will not be able to comment about the transaction.” […]

January 22nd, 2010

PEs find it hard to raise money despite rebound

Private equity players investing in India are having a tough time convincing investors — both domestic and overseas — to put money into their funds. This is despite stable economic growth, buoyant stock markets and a favourable investment climate. Continuing credit crisis in the US and Europe, coupled with fear among domestic investors to invest in an illiquid asset class, has made private equity fund-raising an uphill task. Logging a near 60% fall, net PE mobilisation has declined from Rs 1,944 crore in 2007 to Rs 792 crore in 2009 (till January 15, 2010), according to data collated by PE research firm Venture Intelligence. The number of PE funds hitting the road to raise money has halved from 30 in 2007 to 15 in 2009. Surprisingly, in 2008, when the whole financial world was in the middle of the worst economic turmoil, PE funds raised over Rs 1,116 crore through 22 funds. […]

January 22nd, 2010

ICICI PE fund seeks $200 mln from overseas

ICICI Venture, an arm of No. 2 Indian lender ICICI Bank, is looking to raise $150-$200 million from overseas investors for its India-focused fund, two sources with direct knowledge of the matter said. The private equity firm, which manages more than $2 billion of assets, is raising $500 million with an option to raise another $300 million for the fund. Vishakha Mulye, the head of ICICI Venture, confirmed the company would begin road shows for international investors as early as next week, but declined to give details of the amount of funds it seeks to raise. […]

January 22nd, 2010