Business Daily from THE HINDU group of publications
Friday, Aug 04, 2006
Business Daily from THE HINDU group of publications Friday, Aug 04, 2006 |
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Markets
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Foreign Institutional Investors Corporate - Venture Capital Our Bureau
Pune , Aug. 3 The Hong Kong-based India China pre-IPO Equity (Mauritius) Ltd has earmarked a corpus of $500 million to invest in small and medium enterprises with global potential and 60 per cent of this corpus will be invested in India. The investment company, which has its funds managed by ST Asset Management and wholly-owned by Temasek Holdings (Pte), has short-listed 10 companies in India for investments and will focus on the manufacturing industry and service sector such as education, hotels, infrastructure, retail and information technology. The investment company on Thursday announced it has invested $3 million in Uma Precision, a manufacturer of precision assemblies, systems and machined parts for the auto and electrical industry, and said it would invest a similar amount in two other companies next month. "We are focusing our investments in India and China and looking for high growth mid-sized companies," Ms Goh Mui Hong, President and CEO of ST Asset Management Ltd, told reporters here. The company has short-listed two Chinese companies for investment, she said, adding that it would help the companies to network globally for potential expansion and colloborations abroad. "Investments in the automobile and auto sector is going to be a win-win situation across the globe during the next decade, more so in the Asia Pacific and India. Coupled with skilled labour and low production costs, India has emerged as a reliable producer of quality auto components," she said.
Uma Precision plans
Uma Precision has said it is on the look-out for acquisitions in the US and India of companies in the $159-500 crore range in the machined parts business and said it hopes to tie up an acquisition in the next three months. The Managing Director and CEO, Mr R.Z. Kankaria, said the company has also signed a licensee agreement with Germany's Doerken MKS System GmbH & co for surface coating technology and is setting up a Rs 12-crore project in Pune, especially for zinc-aluminum flake coating for cathodic protection. The project is expected to be operational by end 2006, he added. The company is also undertaking a Rs 50 crore capacity expansion programme to double capacity from the level of 10 million pieces per month, he said.
More Stories on : Foreign Institutional Investors | Venture Capital | Automobile Components
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