Need to Know | Private equity firms invest $17 bn in India

Need to Know | Private equity firms invest $17 bn in India

Mumbai: Private equity (PE) firms have invested $17.14 billion (Rs67,874 crore) over 386 deals in India from January to 15 December 2007, according to a report released on Wednesday by accounting and business consultancy firm Grant Thornton India. Total investment in 2006 was $7.85 billion over 302 deals.

The largest deal in 2007 until 15 December was Temasek Holdings Pte Ltd ’s $1.9 billion investment in Bharti Airtel for a 4.99% stake. The top 10 deals accounted for 39% or $6.70 billion of total investments so far this year.

Real estate and infrastructure has emerged as the highest funded sector in the year so far—seven out of the top 10 deals were real estate and infrastructure and it accounted for 38% of total value of investments for the year, a press release said.

3D Solid Compression gets venture funding

Mumbai: IDG Ventures India, a $150 million (Rs594 crore) early-stage technology venture capital fund, has made an undisclosed investment in Bangalore-based 3D Solid Compression Pvt. Ltd, a 3D content creation and visualization start-up incubated jointly by Stanford University and Indian Institute of Science(IISc), Bangalore.

Sudhir Sethi and Hemir Doshi, who lead IDG’s investment team, will join the 3D Solid Compression board. The company was born out of an on-campus academic research project by Stanford University professors Krishnan Ramaswami and Fritz Prinz.

Ramaswamy later moved to IISc where he teamed up with B. Gurumoorthy, a faculty member at IISc, to take the project forward.

This is the first instance of a US-India cross-border technology research project being spun out into a start-up and successfully roping in venture funding.

- Staff Writer

Natco moves SC in Glivec patent case

Mumbai: The key corporate opponent in the Swiss drug maker Novartis AG’s Glivec patent dispute, Natco Pharma Ltd, has challenged before the Supreme Court, a Madras high court ruling, which allowed the intellectual property appellate board (IPAB) to hear the patent case without its technical member S. Chandrasekharan.

Natco’s challenge will further delay the hearing of Novartis appeal, which has been pending since August 2006.

Novartis filed the appeal against a 2006 decision of the Chennai patent office rejecting the company’s patent application for a blood cancer drug that is sold under the brand name Glivec.

Although the appeal was first filed at the Madras high court, it was moved to IPAB in April this year. The hearing was again delayed following Novartis’ plea to the high court seeking removal of Chandrasekharan.

Natco says it will be difficult for the defendants to explain the technical data to prove their stand at the hearing if IPAB does not have a technical member on the panel.

- C.H. Unnikrishnan

Deutsche Bank gets nod to set up NBFC

Mumbai: Deutsche Bank AG India on Wednesday announced it has recently received approval for a non-banking finance company (NBFC) and its parent has infused Rs685 crore into it.

It said that its parent bank has infused a total of Rs2,125 crore in the Indian operations. Apart from NBFC, Rs1,470 crore will be used as tier I capital or the core capital of the bank, consisting of equity and reserves.

The current infusion will take Deutsche Bank group’s total capital in India to more than Rs5,700 crore.

The Indian arm also said that the fresh infusion makes it among the highest capitalized foreign banks in India.

- Gargi Banerjee