Financial Daily from THE HINDU group of publications
Saturday, Apr 01, 2006
Financial Daily from THE HINDU group of publications Saturday, Apr 01, 2006 |
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Money & Banking
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Venture Capital Markets - Mutual Funds Industry & Economy - NRIs ICICI Venture to raise $750 m for India Advantage Fund VI Ambarish Mukherjee
Funds' focus To target mid-size growth companies Eyes ITeS, media, pharma and retail firms
New Delhi , March 31 ICICI Venture Funds Management Company Ltd will be tapping the international market early next fiscal to raise $750 million from NRIs, persons of Indian origin (PIOs) and foreign investors for its India Advantage Fund VI. The fund will have a corpus of $1 billion, of which, $750 million would be raised overseas. The Foreign Investment Promotion Board has approved ICICI Venture's proposal and recommended it for consideration to the Cabinet Committee on Economic Affairs (CCEA) for final clearance; all proposals involving more than Rs 600 crore foreign direct investment (FDI) calls for CCEA approval. The company has informed the FIPB that it would raise the corpus through issue of unit capital to NRIs, PIOs and other foreign investors on a repatriable basis. It plans to invest the proceeds in mid-size growth companies for funding acquisitions, restructurings, management buyouts and leveraged buyouts across all sectors. However, the focus would be on IT-enabled services, media, pharma, manufacturing and retail, sources said. ICICI Venture had earlier launched the largest private sector equity fund — India Advantage Fund (IAF) I & II — with a corpus of $250 million for its international clients. These funds are currently investing in expansion capital and buyout transactions. Similarly IAF III & IV was launched to invest in the commercial, residential, retail and other world-class real estate assets, both in developed and development projects in Indian cities with potential for growth. Now through IAF V & VI, ICICI Ventures would be in a stronger position to fund Indian acquisitions abroad, sources said.
More Stories on : Venture Capital | Mutual Funds | NRIs | ICICI Bank Ltd
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