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News Roundup: Three Top ICICI Venture Honchos Quit To Launch PE Fund

04 May, 2010

Three Top ICICI Venture Honchos Quit To Launch PE Fund – ICICI Venture, the country’s largest private equity firm, is hit by top level exits when the firm is planning to raise $500-million infrastructure fund. Jayanta Banerjee, Anand Vyas and Sunay Mathure have put in their papers to start a new PE fund. While Banerjee was the president, Vyas and Mathure were the directors of the firm. Banerjee said he will raise his own fund along with the two other officials, and the new fund will not conflict with ICICI Venture. Renuka Ramnath, former chief of ICICI Venture, who launched her PE fund Multiples Alternate Asset Management, recently made first close at $250 million. (ET)

JSW Steel Buys Mining Assets In US – JSW Steel Ltd, one of India’s leading steel companies, is acquiring coking coal assets in USA, along with railway load out and barge facility. JSW is reportedly paying $100 million for the assets. The board of directors of the company has already approved the acquisition. The company has identified resources with a capacity aggregating to 123 million tonnes. While one of these mines is operating, the remaining mines can be made operational over the next 24 months, it informed the stock exchange. (Team VCC)

Temasek Holdings To Buy NYSE’s Stake In NSE – Temasek Holdings, an investment company owned by the government of Singapore, is buying 5% stake in the National Stock Exchange from the New York Stock Exchange (NYSE). VCCircle broke the story about NYSE’s stake sale in NSE yesterday. NYSE plans to sell the stake for a little over $150 million, while the deal values NSE at over $3 billion. The transaction is awaiting regulatory approval now. (Team VCC)

SJVNL IPO Subscribed 6.61 Times – The initial public offer (IPO) of Satluj Jal Vidyut Nigam Ltd (SJVNL) was subscribed 6.61 times when it closed on Monday. The issue received bids for 274.4 crore shares against the 41.5 crore shares on offer. The retail investor portion was subscribed 3.1 times, while the portion reserved for qualified institutional buyers and high networth individual were subscribed 9.02 times and 3.3 times, respectively. Institutional investors including SBI, LIC and ICICI Prudential have subscribed to the issue. (Business Line)

Narang In 50:50 JV With French Co Groupe Danone – Narang Group, a Mumbai-based company engaged in hospitality and airline catering services biz, has roped in Groupe Danone as its joint venture partner. Groupe Danone is a food company in France, and one of the largest dairy food and water producers in the world. The equal JV called Danone Narang Beverages will be launching vitamin water as the first product in India soon. Initially, it will import the product from Danone’s facilities but will start manufacturing in India as well. Groupe Danone had earlier entered into one such agreement with Britannia, and exited the JV about a year ago. (Business Line)

Hindustan Motors To Report To BIFR – Hindustan Motors Ltd, a automobile manufacturer in India which manufactures Ambassador, is planning to report to the Board for Industrial and Financial Reconstruction (BIFR) as its net worth has eroded by 50% from the peak in the preceding four years. The company, however, said the financial performance won’t affect the production of the car. (ET)

Federal Bank Names P C John As Executive Director – Federal Bank, one of India’s leading financial institutions, has appointed P C John as the new executive director of the bank. His appointment came into force from the beginning of this month. During his long stint, John has served various roles at several key portfolios such as treasury, credit, international banking, planning and accounts. He also represented Federal Bank in the board of Bharat Overseas Bank during 1999 to 2006. (Business Line)


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News Roundup: Three Top ICICI Venture Honchos Quit To Launch PE Fund

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