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The Leverage India Fund will have a multi-sectoral investment approach and proposes to make 15-20 investments in equity and equity related instruments of Indian companies having strong profitability trends, a stable and consistent cash flow history and requiring funding for expansion. The Fund investments will essentially cover sectors in which Indian companies have a global competitive advantage, viz. manufacturing, engineering, life-sciences, etc. and infrastructure.
Announcing this in Bahrain today, Mr Iqbal G. Mamdani, Vice Chairman and CEO of the Bank said “We believe in India and the potential rewards and the promise that carefully selected and managed private equity transactions in India hold for our investor-clients and ourselves. Our forging an alliance with IL&FS Investment Managers Ltd., is the right step in this direction.”
IIML, which is one of the India’s largest private equity fund management companies, has over US$ 220 million of assets under management and a successful track record in engineering exits from its portfolio of investments. IIML currently manages 5 private equity/ venture funds with a focus on infrastructure sectors and select growth sectors. It is 43% owned by IL&FS Ltd., a leading Financial Institution, focussed on private equity and infrastructure funding, distribution and management.
Mr Ravi Parthasarathy, Vice Chairman and Managing Director of IL&FS, in a parallel announcement in Mumbai, said “IIML is happy to work in collaboration with TAIB Bank in respect of the Leverage India Fund; TAIB has a rich experience in raising various funds in the countries of the GCC and in international markets and we are delighted that they are focussing on India”.
The Leverage India Fund, with TAIB’s participation that has now been announced, will complete its Initial Closing with commitments aggregating approx. US$ 54 million; these commitments are from Indian banks and Financial Institutions, and prominent among the contributors are leading Indian banks and financial institutions such as Punjab National Bank, Life Insurance Corporation of India, Union Bank, United Bank, United India Insurance Company, Indian Overseas Bank, General Insurance Corporation, UCO Bank and Small Industries Development Bank of India. IL&FS, the major shareholder of IIML, will contribute approx US$ 11 million. The total size of the Fund, at final closing, is expected to be approximately US$ 110 million.
Apart from being a core investor in the Fund, TAIB, as a co-sponsor, will also have the responsibility of marketing and managing the Fund in collaboration with IIML. TAIB, as Lead Foreign Partner, will offer this opportunity to invest in Leverage India Fund, in a tax effective manner, to select Institutional and High Net Worth Investors from the countries of the GCC. TAIB has had a subsidiary in India, TAIB Capital Corporation Ltd., in Bangalore since 1995 and has actively participated in various private equity transactions. TAIB Bank is also one among the few financial institutions in the Gulf which enjoys the status of Foreign Institutional Investor in India. TAIB’s collaborative participation in the Leverage India Fund will be led by Mr Vikas Thapar, who has over 20 years of Private Equity fund management and Capital Markets experience with International Finance Corporation, the private sector affiliate of the World Bank.
“By giving our investors the opportunity to invest in the Leverage India Fund, what we will be really achieving is to give investor-clients an opportunity to invest in a portfolio of carefully selected and managed private equity investments in some of the most dynamic sectors of the Indian economy. Investing in such portfolios, we sincerely believe, will reduce the risks considerably, when compared to single-company private equity investments”, Mr Mamdani concluded.
For further information please contact:
Durra Salman of Taib Bank on
tel: +973 17549564
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