RIL To Launch $800 Mn Infra Fund With DE Shaw
Reliance Industries is planning to launch a $700-$800 mn infrastructure fund with global hedge fund DE Shaw.
Other than PE fund, both are also looking at other areas such as carbon trading.
Transaction Reference: ET
Recently, Mukesh and Anil scrapped a pact in May this year that had earlier prevented them from entering each other’s businesses. As a result, sectors like telecom, power and financial services were open to the senior Ambani.
Earlier, there were rumours of Mukesh Ambani being in talks to buy a stake in Nimesh Kampani’s JM Financial Asset Management.
As of now, the Anil Dhirubhai Ambani Group (ADAG) runs several financial services businesses, all under Reliance Capital in the areas of mutual fund, life and general insurances, broking, consumer finance, home finance and venture capital.
DE Shaw is a $30-bn New York Based hedge fund that has invested over $2bn in India in education, media, outsourcing, real estate, renewable energy and infrastructure sector. It has managed to make over 30% returns from its Indian portfolio.
The fund recently exited five of its investments, including DLF Assets, Unitech and Afcons.
Recently, HDFC's Deepak Parekh's son Aditya Parekh raised Rs.750 Cr for its first fund - Faering Capital. Faering Capital fund will look to invest in mid-cap firms, with an average deal size of Rs30-80 Cr.
Stega Capital, founded by former MD of Lightspeed Venture Partners Sreenivasulu Vudayagiri and former chief executive of India Innovation Fund K Ganapathy Subramanian is also in talks with banks and large investors to raise $50 Mn for its first fund. The fund will invest in sectors like technology, mobile and healthcare in the range of $50,000 to $ 1 Mn.
According to Emerging Markets Private Equity Association, Indian funds raised $1.3 bn in the first six months of 2010, compared with $4 bn in the same period last year.
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