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Real estate fund Yatra Capital has invested €6.75 million ($9.18 million) in its 50-50 joint venture with Modi Build-Well Ltd in Gujarat. The joint venture will develop a 590,000 sq ft shopping mall in the city of Bhavnagar. This is Yatra's fifth investment in Indian real estate, and it has so far invested €79.32 million in India from its €100 million fund raised in December 2006.

In June, the Euronext-listed real estate investment fund acquired a 24 per cent stake in a joint venture promoted by Ashok Ruia Enterprises Pvt Ltd (AREPL) to develop a 1.5 million sq feet shopping centre, Market City, in Pune. Yatra invested €17.24 million ($23.5 million) in this project.

Before this, Yatra had invested €3.73 million ($5 million) in the Mumbai-based Phoenix Mills Ltd, another JV of AREPL. It has also invested €21.6 million to pick 49 per cent holding in Pune's Kolte Patil Developers, among others.

Yatra Capital, an India-focussed real estate investment company, raised €100 million ($136 million) from the Euronext exchange in Amsterdam in December last year. It's founded by ex-HSBC executive Ajoy Veer Kapoor and Rohin Shah, and backed by investors like Morley Fund Management, Fortis Investments and Standard Life, Yatra was the first Indian real estate company to list in Euronext stock exchange of Amsterdam. The fund's focus is to invest in tier II and tier III cities of India, which will invest through Saffron Capital Advisors, an asset management advisory firm.

Hindustan Times adds: Yatra's MD Ajoy Veer Kapoor told HT that the fund is planning to raise another $600 million to invest in India. "We are going to raise $200 million soon. We will be raising another $200 million for the hospitality sector and a $200 million more for the warehousing and storage sector. In 12 months, we will be investing over $1 billion in various real estate projects.” The company is also planning to raise a domestic fund of Rs 300 crore ($75 million).

Here is another Indian close to the glass ceiling at a multinational bank. Credit Suisse Group has appointed Kai Nargolwala, 57, as the firm's Chief Executive Officer of the Asia-Pacific region, and a member of the Executive Board. He will be based in Hong Kong and will assume his new responsibilities on January 1, 2008, a release said.

He will report to Brady W. Dougan, CEO of Credit Suisse. Nargolwala succeeds Paul Calello, who has been CEO of Asia-Pacific of Credit Suisse since 2002. Calello was appointed CEO of Credit Suisse’s Investment Banking division in May 2007 and will continue to act as interim CEO of the region until Nargolwala takes over.

Nargolwala will work with the investment banking, private banking and asset management divisions, leading the integrated bank in the region.

Nargolwala, an Indian by birth and a UK citizen, has been a member of the board of Standard Chartered since 1999. He has also led Stanchart's M&A activities and regulatory and governmental relationships in Asia. Before Stanchart, he worked for Bank of America for 19 years in Europe, the US and Asia, most recently as its Group Executive Vice President and Head of the Asia Wholesale Banking Group, headquartered in Hong Kong. Previously, he practised as a Chartered Accountant with Peat Marwick Mitchell & Co. in London.

Nargolwala holds a Bachelors degree in Economics from the University of Delhi, and is a Fellow of the Institute of Chartered Accountants in England and Wales.

Sarovar Hotels, a mid-market hotel group backed by Bessemer Venture Partners and New Vernon Private Equity, is looking at an IPO or a second round of private equity funding. The company plans to raise about Rs 250-300 crore ($62.5-75 million), according to DNA (Via Sify). Sarovar is setting up 23 new properties at an investment of over Rs 500 crore, while it will contribute about Rs 150 crore. Last year, Sarovar had raised $8.5 million from Bessemer Venture Partners and New Vernon through an equity dilution of about 24 per cent.

Asipac, a company involved in urban infrastructure project planning, development management and property marketing, plans to raise funds from PE firms, reports DNA. The Bangalore-based company is looking at divesting 20 per cent. DNA says the new investors want to pick up 20 per cent in Asipac at a valuation of Rs 185 crore ($45 million). (It's strange these numbers are coming out before the deal!). The company has an order book of Rs 10,226 crore ($2.5 billion). The company had raised Rs 8 crore from Bennett Coleman & Co Ltd (BCCL) at a valuation of Rs 80 crore, the report says.

Financial Technologies, the promoter of commodity exchange MCX, is planning to raise capital from private equity funds to bankroll its expansion. According to NDTV Profit, FTIL may consider selling 10 per cent equity. The deal may value MCX at $1.2 billion, the report says. MCX is believed to have has lined up expansion plans such as setting up warehouses, and it needs capital. An IPO is also delayed.

Kantilal Chhaganlal (Kaycee) Securities is another broking firm looking to sell stake to private equity funds. Gaja Capital Partners, an private equity firm floated by Gopal Jain of formerly View Group, is in talks with the Mumbai-based broking firm, reports The Economic Times. ET says it could be about $40 million-worth deal. It is not clear if it's the valuation or the size of the deal. Kaycee has both the National Stock Exchange and the Bombay Stock Exchange memberships, and also offers retail and institutional broking in equities, commodity broking, wealth management services and mutual fund distribution services. Besides it plans to foray into investment banking and services specifically targeted at NRIs.

Apollo Hospital Enterprises is still eyeing the UK assets of European healthcare provider Capio Hospitals. After Apax Partners - which has an indirect stake in Capio's Nordic parent - picked up stake in Apollo last week for $104 million, there were fears that European regulators will stall an attempt by Apollo to acquire Capio. Pratap Reddy, chairman of Apollo Hospitals has reportedly said that Apollo was only interested in the UK assets of Capio, which included a network of 22 hospitals. The regulation would have triggered only if the equity ownership by Apax in Apollo was above 21 per cent, Reddy said (DNA Money).

Even though a Nuke treaty with the US is still hanging in fire, probably this may be a good time to look at companies that supply components and products to the defence sector. The Economic Times today reports that buyout fund Blackstone may close in on such a Hyderabad based company to buy stake. The US private equity fund is apparently eyeing a 25-30 per cent stake in nuclear and space science components company MTAR Technologies. ET even puts a figure for investment - around Rs 300 crore. If the deal finally closes, that will be the first PE investment in the defence and nuclear sector in India.

I wonder if the government will raise security bogey here since it's a sensitive sector, and the PE investors are mostly made up of foreign money - can be from anywhere, the US, the Middle East, and so on.

In the case of the privately-held MTAR, the company makes critical components and products for nuclear reactors. MTAR had apparently indigenously developed a grid plate technology to be used in the 500 MW prototype fast breeder nuclear reactor project coming up at Kalpakkam in Tamil Nadu. The company has won awards from the Defence Research and Development Organisation for defence absorption.

IDFC PE funded Sical Logistics has roped in another fund to finance its asset heavy, capital intensive businesses. Sical Infra Assets, a new arm of the Chennai-based logistics company, has received $26 million funding from Old Lane Mauritius IV Ltd, an investment vehicle of Old Lane Opportunities Funds. The company has sold 26 per cent stake in the deal.

Sical Infra Assets Ltd handles longer gestation infrastructure-based business such as the logistics hub at Nagpur, the iron ore terminal at Ennore port, a container rail project, Sical Distriparks and the container terminals at Tuticorn and Chennai ports, says report in Mint. What the company has done is to segregate the short-cycle service oriented business from the longer duration build, operate and transfer type assets for the purpose of attracting investment. Sical Logistics from now on will manage the bulk logistics business of the group as well as its services business such as stevedoring, ship chartering, shipping agency, trucking, warehousing and offshore logistics. Sical Infra Assets will be listed in the future.

In March, Sical received $25 million funding from IDFC Private Equity.

Exclusive: Societe Generale is getting into Indian investment advisory and portfolio management services business. The French bank is going solo instead of acquiring an existing Indian company. The bank has got approval from the Indian government to invest Rs 205.8 crore in India for developing the PMS and advisory services business in the country.

SocGen's France-based subsidiary Sogeparticipations has been permitted to set up a wholly owned subsidiary in India. It will invest Rs 205.8 crore ($50 million) in India to undertake the activities of portfolio management services and investment advisory services.

Earlier, it was rumoured that SocGen may acquire an Indian broking firm. It was also in talks with Securities Trading Corporation of India to buy stake in UTI Securities, which finally sold 49 per cent stake to Standard Chartered Bank for Rs 147 crore.

It's already present in the NBFC business. Last year, SocGen, along with the Burmans of Dabur, picked up 75 per cent stake in Apeejay Finance, a subsidiary of the Kolkata-based Apeejay Surrendra Group.

Related:

Societe Generale, Burmans Pick Up 75% Of Apeejay Finance

New Vernon Private Equity has picked up 5 per cent stake in Delhi Stock Exchange for Rs 10.61 crore ($2.5 million). It's a tiny deal compared to General Atlantic and SAIF Partner's investment of $115 million each in National Stock Exchange. Delhi Stock Exchange is valued at Rs 212 crore ($52 million), while National Stock Exchange was valued at $2.3 billion.

Interestingly, New Vernon missed out on deals like NSE and BSE and even Calcutta Stock Exchange, while it chose to get into DSE which is almost non-functional.

The government has also approved the proposal of Passport Global Master Fund SPC Ltd. (British Virgin Islands) to pick up 5 per cent stake in Delhi Stock Exchange for Rs 10.61 crore.

Last fortnight, the government had approved the proposals of four foreign investors to pick up stake in DSE. Mauritius-based Wilmette Holdings, Kuwait-based Noor Financial Investment Company, Kuwait Privatisation Projects Holding and Ikarus Industrial Petroleum Company of Kuwait acquired 5 per cent stake each for Rs 10.61 crore.

The government had rejected the proposal of Passport Investments, Mauritius, to invest in DSE then. However, it has accepted the proposal of Passport's British Virgin Islands entity.

Related:

Delhi Stock Exchange Valued At Rs 212 Crore; 4 Investors Get Nod, Passport's Proposal Rejected

ICICI Venture-backed retail chain Subhiksha is expected to come up with an IPO anytime after Diwali, the Indian festival of lights. R Subramanian, managing director of Subhiksha Trading Services Ltd, told CNBC India in an interview that his company will go in for an IPO only if they hit 1,000 stores. "Since we are expected to reach that number by Diwali, we can go in for an IPO any time after that," he said. Since Diwali is in November, Subhiksha's IPO can be expected early next year.

Subramanian told CNBC's rival NDTV Profit: "We will do an IPO next year, we are waiting for us to get to the 1,000 store mark which should be done by this October and then will talk about IPO. ICICI venture invested in us would like an exit at good valuations, we are working towards that."

The promoters led by Subramanian currently hold 65 per cent in the company, while private equity investor ICICI Venture holds 32 per cent, and the employees 3 per cent.

Subhiksha, which has about 800 stores across the country, sells everything from fruits and vegetable to groceries, and from medicines to mobile phones. The 10-year old company registered Rs 803 crore in revenue in 2006-07 and is projected to register sales of Rs 2,200 crore in 2007-08.

Related:

Supermarket Chain Subhkisha Plans IPO This Year; To Shed 10%

Public sector Canara Bank is looking for a strategic partner for its venture capital business. The bank may sell a stake in its venture capital subsidiary, Canbank Venture Capital Fund, reports Business Standard. The fund, the first to be set up by a PSU bank in 1989, has a corpus of Rs 112 crore ($27 million). The Bangalore-headquartered bank also plans to float a Rs 250 crore ($61 million) fresh fund to invest in SMEs, according to BS.

It's a good move to seek a strategic partner since PSU banks have generally failed in scaling their venture capital business. Among the PSU spin-offs, the only venture capital fund that has succeeded in making a mark in the VC business is UTI Ventures, which manages assets worth $220 million. That's probably because UTI Ventures ran the business independently even though UTI AMC remains as the chief sponsor of the fund.

The other PSU venture funds are SIDBI Venture Capital, which manages two funds with a total corpus of $133 million, and SBI Venture, which announced a $100 million venture capital fund in partnership with SoftBank of Japan.