Financial Daily from THE HINDU group of publications
Wednesday, Mar 29, 2006
Financial Daily from THE HINDU group of publications Wednesday, Mar 29, 2006 |
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Industry & Economy
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Power Actis to invest in pvt power projects
Neha Kaushik
New Delhi , March 28 UK-based private equity firm Actis is set to actively invest in the domestic private power sector through its sister concern Globaleq. An emerging markets power operating company, Globaleq is focused on Africa, the Americas and Asia. According to Mr Donald Peck, Managing Partner of Actis, the firm is bullish about private power generation projects in India and would be picking up stake in a few such projects. Globaleq already has one investment in India. Meanwhile, the private equity firm, which has raised about $475 million funds for the Indian market, is looking to invest actively in the infrastructure and FMCG sectors. Actis recently picked up stake in Dalmia Cements and is not averse to more investments in the same sector. Further, despite its discussions to pick up stake in confectionery company Nutrine falling through, the firm is upbeat about the potential of this sector. Actis has so far spent about $75 million from the $475-million fund. "We have earmarked about $100-125 million for investments this year, but the figure may vary depending on the actual size of deals struck," Mr Peck said.
Early stage funding
Interestingly, Actis is looking to do some early stage funding as well. "For early stage funding we have earmarked not less than $15 million per investment. However, around 10 per cent of our total funds will be used for this purpose. "The investments would pretty much be in the same sectors which we have identified," Mr Peck said. Actis currently has investments in Punjab Tractors, Glenmark Pharma, and Jyothi Labs among other companies. The firm has also carried out a management buyout of ICI India's nitrocellulose business. This, incidentally, was among the first management buyout deals in the country.
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