Business Daily from THE HINDU group of publications
Monday, Oct 30, 2006
ePaper
Business Daily from THE HINDU group of publications Monday, Oct 30, 2006 ePaper |
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Info-Tech
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Venture Capital SAIF close to sealing 2 new deals V.Rishi Kumar
Venture plans What started with investments in technology firms has broadened into other sectors, which include financial services, media, retail and may even encompass the pharma sector.
Hyderabad , Oct. 29 SB Asia Investment Fund (SAIF), which manages two major funds with an aggregate of about $1.05 billion, is scouting for strategic investments in India and China and is close to clinching at least six deals in the region, two of them in India. The Partner at SAIF Partners, a Softbank arm, Mr Ravi Adusumalli, said the company would shortly announce more strategic acquisitions following up on its recent investment in a TV18 arm. "SAIF is looking beyond IT and telecom for new verticals and recently invested in Shop 18, a joint venture of TV18. Shop 18 has been positioned as the first dedicated home shopping channel in India. We are also on the verge of closing an additional investment in the retail sector," he said. SAIF currently manages two funds, the first a $400-million Fund, and the second a $650-million Fund. It is on course to raising a third fund of about $1 billion in January 2007.
Investments in India
Speaking to Business Line from the US, Mr Adusumalli said the new fund would focus on China, India and South Korea, and at least 30 per cent of this fund was likely to be set apart for Indian investments. What started with investments in technology firms has broadened into other sectors, which include financial services, media, retail and may even encompass the pharma sector. "SAIF investments include VisualSoft, Megasoft, Intelligroup, ILFS Investment Mart, earlier Sify, and covers about 10 companies in India. The latest closed deal relates to JustDial.com. In VisualSoft and Megasoft, we are a small stakeholder," he said. Asked if the company planned to merge some of the portfolio companies with Intelligroup, Mr Adusumalli said "no, that itself is a big company and the strategy would be to grow it on its own."
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