United Arab Emirates based NBD Sana Capital has raised $170 millon as

first close of its buyout fund and is eyeing buyout opportunities in India. "We are looking at a few very attractive deal opportunities, particularly in

reports Bloomberg.

NBD Sana Capital is the private equity arm of UAE's Emirates NBD PJSC.

The fund plans to have a final close of $500 million, after having a

second close of $250 million in 2009.

NBD Sana focuses on sectors - telecommunications, media and technology

(TMT); energy; healthcare; pharmaceuticals; and also retail. The funds

also plans to invest in Middle East, North Africa and Turkey. Another

Gulf based fund looking to invest in India is Dubai-based Millennium

Finance Corporation (MFC), which is raising a cleantech and a real

estate fund of $200 million each.

Several Gulf based funds are now eyeing investment opportunities in

India as west moves into a prolonged recession. While traditionally

investments by Gulf based funds were primarily in Indian real estate,

these funds are now looking at opportunities in sectors like cleantech

and TMT.

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