The Hindu Business Line : Providence Inc eyes Asia; to open office in HK, Delhi

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Mumbai Jan 22 Providence Equity Partners Inc, the international private equity investment firm specialising in the media, entertainment, communications and information industries, announced on Monday that it will open offices in New Delhi and Hong Kong to support its growing investment activities across Asia.

The company will generally invest growth capital of not less than $50 million in identified companies in the media, communications and entertainment sectors, Mr Biswajit Subramanian, Managing Director, Providence Equity, London, said. Mr Subramanian will head the office in New Delhi. The company has invested in only one Asian company, Idea Cellular, so far; it is looking at investments across Asian countries such as India, Japan, Taiwan, Korea, China and Australia, said Mr Subramanian.

The DTH and cable industry in India is currently undergoing new developments and it would be an interesting sector to look at, said Mr Subramanian.

The private equity company mainly raises its funds from the government and corporate pension funds in the US, Europe and Asia.

Mr Andrew Rickards, currently Chief Executive Officer of N.M. Rothschild & Sons in Asia, will serve as a Managing Director, based in the Hong Kong office.

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Providence Inc eyes Asia; to open office in HK, Delhi