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News Roundup: Modern India To Raise PE Funding

24 August, 2009

Modern India To Raise PE Funding – Real estate firm Modern India is in talks with private equity firms to raise Rs 150 crore for part-funding the proposed IT/ITeS Special Export Zone at Khopoli in Maharashtra. The company might will have to dilute 30-35% stake in the project for raising the fund. The deal could be sealed within the next six months. (Economic Times)

ICICI Bank To Look At Domestic Acquisitions – India’s largest private sector lender ICICI Bank is open for a buyout in India as domestic takeover in the current environment makes better sense than an overseas buy. “I am always open… but the question will always be in terms of what is available and at what value, and then you weigh the option,” ICICI Bank CEO and managing director Chanda Kochhar said. (ET)

JBM Forays into Education – Auto components maker JBM Group is venturing into the educational sector to meet the growing demand for auto designers and engineers. The Rs 2,700-crore group will start technical education programmes in association with five other institutes in NCR and aims to get Rs 1,000 crore from the new venture by 2015. (Business Standard)

SFIO To Scrutinise 350 Cos – The Serious Fraud Investigation Office (SFIO) will scrutinise the balance sheets of over 350 companies and 800 bank accounts to track the money allegedly stashed abroad by the promoters of fraud-hit Satyam Computer Services.The investigating arm of the corporate affairs ministry may seek more time to complete investigation and submit its report on the movements of funds.(BS)


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News Roundup: Modern India To Raise PE Funding

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