Alternative Investment
Fulcrum Venture likely to float PE fund with Rs120 crore corpus

Fulcrum Venture is planning to float a third-party private equity fund of about Rs60 crore to Rs120 crore that will provide growth capital to companies

 
Mumbai: Fulcrum Venture India, an angel investment fund, is planning to float a third-party private equity (PE) fund with a corpus of Rs120 crore, which will provide growth capital to companies, reports PTI quoting a top company official.
 
"We are considering to float a third party PE fund that will invest growth capital in companies. The corpus we are looking to raise will be in the range of Rs60 crore and Rs120 crore," Fulcrum's Founder-Partner Krishna Ramanathan told PTI.
 
He also said that the company would start talks with potential investors soon and commit around Rs25 crore to the proposed fund.
 
Fulcrum Venture, which enters a company at an early stage as part of its angel investment mandate, will also increase its ticket size after it sets up the PR fund.
 
"As part of angel investment, our ticket size is usually below Rs5 crore. However, we will invest in the range of Rs5 crore and Rs15 crore from the proposed private equity fund," he said.
 
Fulcrum Venture, which recently exited Chennai-based real estate developer Casa Grande, made a sound return of Rs50 crore by offloading its entire stake in the company.
 
"We are looking at investing in two more companies in the near future. Talks are at an advanced stage," he said, referring to the company's forthcoming investments as an angel investor.
 
He also said that the company may consider exiting some of its earlier investments.
 

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HC refuses stay on water supply to India Bulls' thermal plant

The state told the Court that since there have been adequate rains this year, the government was in a position to provide 328 mcm water to the farmers and also supply 87.06 mcm water to the thermal power plant

 
Mumbai: In a relief to Indiabulls Power Ltd, the Bombay High Court on Thursday refused to grant stay on water supply to its thermal power plant project in Amravati district of Maharashtra's Vidarbha region, reports PTI.
 
A division bench of Chief Justice Mohit Shah and Justice NM Jamdar was hearing a public interest litigation filed by Vidarbha Backlog Removal and Development Committee challenging the May 2011 water supply agreement signed between Maharashtra government and Indiabulls Power, formerly known as Sophia Power.
 
As per the agreement, the government had agreed to diverse 87.06 million cubic meter (mcm) water from the Upper Wardha dam project to the thermal power plant. The PIL, however, challenges this, claiming that the diversion will result in 23,219 hectares of land of over 25,000 farmers not getting irrigated.
 
According to the PIL, the state government was using funds provided by the central government for people of Vidharba region only for irrigation and not for other purposes.
 
The petition states that a minimum of 328 mcm water will have to be provided to the farmers for irrigation.
 
Advocate Prakash Lad, appearing for the government, told the court that since there have been adequate rains this year, the government was in a position to provide 328 mcm water to the farmers and also supply 87.06 mcm water to the thermal power plant.
 
Accepting the statement, the court said it does not see any need to restrain the government from implementing its water supply agreement with the thermal power plant company.
 
The state government had on 17 December 2007, permitted Indiabulls Pvt Ltd, which was formerly known as Sophia Power Company, to set up a 2,640 mega watt power project in Amravati.
 

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CIBIL-TransUnion launch newer version of credit score

The CIBIL TransUnion Score 2.0, which tracks six month's credit history, will grade customers on a risk index ranging from 1 to 5, with 1 denoting the highest risk and 5 the lowest risk of default

 
Mumbai: Credit information services provider CIBIL and TransUnion on Thursday formally launched a newer version of their score which incorporates customers having a credit history of less than six months, reports PTI.
 
The CIBIL TransUnion Score 2.0 will grade customers on a risk index ranging from 1 to 5, with 1 denoting the highest risk and 5 the lowest risk of default.
 
The new version will use different parameters like past delinquency, movement of average balances in accounts, credit seeking enquiries made, credit utilisation in the past, type of credit availed and the age for arriving at a number on the risk index of 1 to 5.
 
CIBIL's managing director Arun Thukral said the new version has been launched keeping in mind the changes observed in borrowing behaviour of consumers and evolving market landscape.
 
Earlier, customers having a credit history of less than six months were not able to get a credit score which will not be the case now, he said.
 
The newer version is initially made available only for CIBIL's 862 member banks and financial institutions, after which it will be available for the customers as well, he said, without giving an exact timeline for the completion of the process.
 
However, the fee structures for customers for availing their individual scores will not change, Thukral said.
 

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