ANDHRA PRADESH FOLLOWS SUIT WITH HITVEL
Article Abstract:
In order to boost software projects, the Andhra Pradesh Industrial Development Corporation Limited (APIDC) is to start an exclusive venture capital firm, Hyderabad Information Technology Venture Enterprises Limited (Hitvel) in October 1998. The company will be jointly promoted by APIDC, Small Industries Development Bank of India (Sidbi) and the Andhra Pradesh Industrial Infrastructure Corporation Limited (APIIC). The company will have a corpus of Rs15 crore and will provide assistance to software projects in Andhra Pradesh. Of the total corpus, APIDC will contribute Rs5 crore, APIIC Rs2 crore and Sidbi Rs7.5 crore. Till now, APIDC has promoted 756 large and medium industries with a total investment of Rs5,496.20 crore. In 1997-98, it posted turnover of Rs135 crore and operating profit of Rs17 crore. For the 12 month-period ended August 1998, the corporation promoted 21 new projects with estimated investment of Rs144 crore and sanctioned equity capital of Rs2.22 crore and term loans of Rs22.29 crore. (gsh)
Comment:
Is to start Hyderabad Information Technology Venture Enterprises, exclusive venture capital firm, in 10/98
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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NEW YORK LIFE INSURANCE LAUNCHES CORE FUND IN INDIA
Article Abstract:
New York Life Insurance Company (NLIC) has launched a $100 million infrastructure fund to invest in Indian companies. It will be a 10-year close-ended offshore fund, which is meant for part financing the infrastructure projects in India. It will make investment in proven companies upto seven years. It will invest in projects in the telecom, power supply, roads, ports, software and export related industries. It may even take up equity participation in viable projects. However, the investment will be restricted to 10 percent of its venture capital. The fund is managed by New York Life International Holdings Ltd of Mauritius. Vickers Ballas Securities Pvt Ltd (VBSP) will be the advisors for management of the fund in India. VBSP holds a minor stake in the fund. (um)
Comment:
New York Life Insurance Company (NLIC) has launched a $100 million infrastructure fund to invest in Indian companies.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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RABOBANK TO SET UP FINANCIAL COMPANY IN INDIA
Article Abstract:
The century old Rabobank of Netherlands has decided to establish a financial services company in India called Rabo India Finance Pvt Ltd. Rabobank proposes to hold 75 percent equity stake in the company while the rest will be held by Indian entrepreneurs. Rabo India has an authorised equity capital of $35 million and a paid up capital of $25 million. The company will focus on food, agriculture related businesses and healthcare businesses besides the activities of an investment bank. These include, corporate finance, asset funding and treasury management. (uh)
Comment:
Is establishing a financial services company called Rabo India Finance Pvt Ltd
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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