Business Daily from THE HINDU group of publications
Friday, Dec 15, 2006
ePaper
Business Daily from THE HINDU group of publications Friday, Dec 15, 2006 ePaper |
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Markets
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Venture Capital Our Bureau
Mumbai , Dec. 14 Baring Private Equity Asia has picked up 10 per cent equity stake in the New Delhi-based Bhushan Power and Steel Co (BPSL) for Rs 150 crore. The funds are to be utilised to fund phase II of Bhushan's capex plans towards its integrated steel complex being set up in Orissa. Speaking to Business Line, Mr Jean Eric Salata, Chairman and CEO of Baring Private Equity Asia, said that the move was in tandem with the company's outlook to invest around $100-200 million in about five companies over the next 12 months. He expects an average return of around 30 per cent. "India has a vibrant private equity market with very efficient companies. We are looking at the textile sector, agriculture-related businesses, BPOs, auto components and the pharma sector," said Mr Salata. Baring will also aid the company in its plans to go public by 2008. "We are looking to come out with an IPO by 2008. The capital raised will aid us in doubling our steel capacity from 1.2 million tonnes (once the Orissa plant is fully commissioned by December 2007)," said Mr Sanjay Singal, Chairman and Managing Director of BPSL. Baring Private Equity Asia recently launched a $500-million fund (which closed in August) towards investing in the Asia-Pacific region. "We are looking at an average investment of around $25-50 million in around 10-15 companies in the region. Our primary focus would be China and India," said Mr Salata. India is expected to attract $7 billion in private equity in the current calendar year against $4 billion last year.
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