Financial Daily from THE HINDU group of publications
Saturday, Oct 09, 2004
Financial Daily from THE HINDU group of publications Saturday, Oct 09, 2004 |
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Markets
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Foreign Institutional Investors Monsoon Capital plans to invest in listed Indian cos Moumita Bakshi
New Delhi , Oct. 8 US-based investment fund Monsoon Capital plans to invest in listed Indian companies across various sectors including auto components, pharmaceutical, IT and infrastructure, by the next quarter. The firm will focus on mid-sized companies with a market capitalisation between Rs 100 crore and Rs 5,000 crore. "We are awaiting the required approvals in India from the regulator and hope to start investing in listed companies in India by next quarter," Mr Gautam A. Prakash, Managing Director of Monsoon Capital, told Business Line. Monsoon Capital's strategy is to take the private equity approach, carry out due diligence and take a two- to three-year view on a particular company, he said. "We want to leverage the GDP growth in India, and will look across various sectors like media, entertainment, infrastructure, financial services, IT, pharma, auto components. But these are only some of the sectors. In India, one has to be opportunistic and see where the value lies," he said. "We are focussed on growth companies at attractive value," Mr Prakash said. He said Monsoon Capital would invest via two mechanisms - the secondary market and private placements in listed securities. Mr Prakash declined to divulge the size of the fund but said the goal was to take it to $100 million. "Our range of investment will be up to $5 million in a typical investment in public market," he said, adding that the company was eyeing investments in 10-15 companies in India in the first year of its operation. The fund is advised by a team in Mumbai led by Mr Girish Kulkarni, he said.
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