August 2010
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Curbs on insurers' PE investments may be eased

The regulator may allow insurance companies to invest in private equity funds across sectors, a move that may boost returns for policy holders and help capital starved firms to access funds. Insurance companies have sought a relaxation in rules governing their investments in private or venture funds, which now permits them to invest only in the infrastructure sector where companies build roads, ports and power utilities. The Insurance Regulatory & Development Authority, or Irda, is now vetting the proposal, said an executive at the regulator who did not want to be identified. He did not disclose by when a decision would be taken. “It helps bring in more domestic capital to venture capital funds,” said Luis Miranda, president, IDFC Private Equity and chairman IVCA. “It is important for private equity to have a larger domestic base and insurance companies bring in long-term capital.” […]

EID Parry acquires majority stake in GMR Industries LTD

EID Parry India, a subsidiary of USD 3 billion Murugappa Group, has acquired 65 per cent stake in GMR Industries for an undisclosed amount. The company has acquired 1,29,75,110 equity shares of Rs 10 each representing 65 per cent of the paid up and issued equity share capital of GMR Industries, the agri-business arm of GMR Holdings LTD. Through this acquisition, GMR Industries has become a subsidiary of our company with immediate effect, EID Parry India said in a statement here. […]

UNIFI sets up Rs 100 cr Insider Shadow Fund

UNIFI Capital (P) Ltd has launched the Insider Shadow Fund with a corpus of Rs 100 crore. This will be company’s sixth fund. The Chennai-based fund management company has assets under management of around Rs 500 crore and is planning to increase it to Rs 1,250 crore. K Sarath Reddy, chairman, UNIFI Capital (P) Ltd said that the company made a soft launch in June and raised around Rs 75 crore from the existing customers and is planning to raise another Rs 25 crore from the new customers. The company is licensed in India and Mauritius to manage Indian, NRI and institutional clients from India and abroad. Of the total portfolio 60 per cent of investment comes from domestic investors and 40 per cent from offshore, of which 50 per cent will be institutions nd remaining NRIs, he added. […]