Financial Daily from THE HINDU group of publications
Monday, Jul 11, 2005
Financial Daily from THE HINDU group of publications Monday, Jul 11, 2005 |
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Stock Markets Markets - Stock Markets Actis raising $400 m for investments in India Neha Kaushik
New Delhi , July 10 BULLISH about the Indian market, UK-based private equity investor Actis is in the process of raising new money in excess of $400 million for investments in the country. The firm is raising the money in two different funds. While the Actis India Fund II will raise about $325 million, about $75 million from the Actis South Asia Fund will be invested in India, Mr Donald Peck, Managing Partner, Actis, said. The firm is looking at inking a few large deals in the Indian market, with a deal estimated at over $100 million in the pipeline. The investments could be made across a wide range of sectors, particularly the ones that are showing high export potential such as auto components, Mr Peck said. Actis, has in the past, made investments in India across a wide spectrum of sectors including IT/ITeS, banking, pharma, manufacturing, and most recently in the automotive segment. Currently, the firm has about 7-8 deals in the pipeline that are estimated at over $150 million. "These could include management buyouts as well," Mr Peck said. While the concept of management buyouts (MBO) is yet to take off in India, Actis had carried out a MBO of the nitrocellulose division of ICI India last year. This, incidentally, was among the first MBO deals in the country. The private equity firm has also been encashing its investments in India at regular intervals. According to Mr Peck, the firm's returns from its investments have been in the high twenties in both India and China.
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