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Menlo comes as LP in Unitary Helion's VC fund; JSW bid for Prayagraj tops Resurgent PE’s
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Early-stage venture capital firm Unitary Helion Ventures has received commitment from California-based VC firm Menlo Ventures for its maiden $100 million fund, The Economic Times reported, citing three people aware of the development.

The backers of Unitary Helion’s fund include Sanjeev Bikhchandani, founder and vice-chairman of Info Edge; Rajesh Magow, co-founder and chief executive of MakeMyTrip; and Ravi Venkatesan, partner at Unitus Ventures, the report added, citing people.

The fund has received commitments of $40-45 million, including that of Menlo, according to the report.

In May 2017, Rahul Chandra, former managing director of home-grown VC firm Helion Venture Partners, had launched Unitary Helion Ventures.

Bala Srinivasa, former partner at VC firm Kalaari Capital, joined Unitary Helion as managing director in November last year.

The sectors covered by the fund include financial services, healthcare, transport, and food and agriculture supply chain.

Menlo has about $5 billion assets under management. It makes investments in multi-stage consumer, enterprise and life science tech companies, according to its website.

In another development, Sajjan Jindal-led JSW Energy has raised its offer for the debt-laden Prayagraj Power Generation Co. Ltd to Rs 6,200 crore, which is more than the Rs 6,000 crore bid by Tatas-backed Resurgent Power Ventures, Mint reported, citing two people aware of the development.

Citing a person, the report said JSW Energy is offering Rs 6,200 crore as upfront cash and 15% stake to lenders and will absorb tax liabilities expected to come up later.

The tax liabilities are pegged at Rs 2,800 crore.

The development comes a day after the lenders to Prayagraj issued a letter of intent to Resurgent for the acquisition of a 75.01% stake in the company.

Singapore-based Resurgent was created in 2016 to invest in power projects. Tata Power owns 26% of the firm. The balance 74% is held by ICICI Venture, the private equity arm of ICICI Bank, and other investors including Canadian pension fund CDPQ, Kuwait Investment Authority and State General Reserve Fund of Oman.

The 1,980 megawatt coal-fired Prayagraj project, which was set up by Jaypee Group, started on a full basis in May 2017.

SBI Capital Trustee, on behalf of the lenders, controls an 89.5% stake in Prayagraj, according to a recent report by credit rating firm Icra.

Separately, Singapore’s sovereign wealth fund GIC, Xander Group, Blackstone, Ascendas and Temasek’s Mapletree Investments are looking to acquire IBC Knowledge Park in Bengaluru, The Times of India reported, citing people aware of the development.

The deal is pegged at over Rs 2,300 crore, the report added.

Bengaluru-based real estate developer India Builders Corp is selling IBC Knowledge Park, spread across 2.2 million square feet, according to the report.

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