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Private Equity | 4 September 2013

Ex Gujarat Metro Executive, Sanjay Gupta To Float PE Fund

by Tilak Devadiga
 
@Tilak

The former Executive chairman of Metro-link Express for Gandhinagar and Ahmedabad (MEGA) is launching his own PE Fund named Let India Fly for Ever (LIFE), BL states. The Bureaucrat-turned-entrepreneur initially plans to raise R250-300 Cr from India and abroad to fund his enterprise, Nessa Group, as well as those of others. Gupta is awaiting regulatory approvals for operationalising the fund.

The first scheme to be launched under this PE fund is titled India Aspiration Scheme which will focus on SMEs and industries with a turnover between R20 Cr to R200 Cr.

The LIFE fund falls under Category II–AIS SEBI regulations and aims at providing support to entrepreneurs to fund their growth and also infuse capital to provide financial support to the SME's.

Apart from this it would also provide business intelligence and a support network pertaining to a range of businesses depending upon their need and situation.

Sanjay Raghunath Prasad Gupta, a former Gujarat cadre IAS of 1985 batch left the service in 2002 after Narendra Modi took over the Gujarat regime. Gupta then joined Adani Group as CEO and later moved on to set up his own luxury hotels called Cambay. A decade later, he was included in a government metro train project – MEGA (Metro-Link Express for Gandhinagar and Ahmedabad). Recently, he launched a 24-hours digital Hindi news channel – Jano Duniya under the umbrella of his Neesa Group.

Gupta, a civil engineer from IIT Roorkee and Fellow from Wharton School, was instrumental in increasing the turnover of Gujarat State Petroleum Corporation ( GSPC) as MD from 1998 to 2002 from $4 Mn to $75 Mn. He is also credited with establishing an intra-Gujarat gas pipeline company called Gujarat State Petronet.

Gupta is also the promoter of business conglomerate Neesa Group with interests in a 1,200-room hotel chain, infrastructure, food and agritech, real estate, construction, IT and media business.

Recently Manipal Education and Medical Group head Ranjan Pai and former Infosys director Mohandas Pai had launched a new fund named Habit fund.

Other deal in this space;

  • Karvy Capital had launched an open ended hedge fund ‘Systematic Edge fund’ and expects to raise about R100 Cr from HNI and institutions.
  • IL&FS Investment Managers Ltd and Standard Chartered PE Ltd were planning to launch a $600 Mn infrastructure fund
  • Ventureast was going to launch a new fund and was planning to raise R200 Cr for it.
  • Tata Capital was planning to raise R500 Cr for its first fund that will invest in equities of distressed companies.

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Stellar Capital has filed a DRHP with BSE-SME for an IPO to raise R8.5 Cr by issuing 4.25 Mn shares to the public at R20 each. The company plans to utilize the funds for acquiring offices on rent / lease in Kolkata and Jaipur and to augment its capital base and scaling up its core operations as a NBFC.

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Western Agro Tech To Go Public Through BSE-SME

Agriculture solutions provider, Western Agro Tech Innovative Limited is issuing 3.3 million shares (FV- INR 10) to the public at par raising INR 33 Mn though the SME platform of BSE. The issue constitutes 26.36% of the paid up equity share capital of the company.

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