IFC to fund IT venture
The World Bank’s private sector lending arm, International Finance Corporation (IFC) has agreed to provide $ 10-million assistance to New Path Ventures, a California-based venture capital fund, for investments in information technology in India. The World Bank group’s director for global information and mass communication technologies, Mohsen Khali said, “New Path is an important initiative for future development of India’s IT sector, representing a strong opportunity to strengthen the country’s position in the high-skill and high value-added areas of the industry.” New Path, which started with a base of $ 50 million, was into incubating companies in the field of semi-conductor design and related software.
Srei International Finance Ltd said Belgian Investment Company (BIO) will invest Rs 25 crore in its various infrastructure development projects across the country. “The investment by BIO in Srei is in the form of mezzanine capital — unsecured and subordinated,” Srei managing director Hemant Kanoria said.
Nasscom is organising Infocom 2002 from December 1-4 in Calcutta with a focus on the country’s eastern region and to provide an interactive platform to IT solutions suppliers, users and fund providers. The event, to be inaugurated by Union communications minister Pramod Mahajan and attended by state IT minister Manabendra Mukherjee and industrial development minister Nirupam Sen will host a roundtable of chief ministers of the eastern states.
Bangalore-based Himalaya Drug Company expects a turnover of Rs 500 crore by 2005. It is also planning to commence production of therapeutic products by June or July with a tie-up in Egypt.
Bharat Heavy Electricals Limited (Bhel) has bagged a Rs 14-crore order from Uttaranchal Power Corporation. The order relates to setting up a 220-KV new grid substation and extension of an existing 132-KV substation at Ramnager in Roorkee.
Karur Vysya Bank and UTI Bank have signed a memorandum of understanding for sharing ATMs in the country. This arrangement is aimed at offering the customers of both banks the facility of using combined network of ATMs of the two banks across the country.
Caraco Pharmaceutical Laboratories, the US-arm of Sun Pharmaceuticals, has received US Food and Drug Administration approval to manufacture and market Clozapine, a generic version of Novartis’ Clozaril. Clozapine, which is prescribed for schizophrenia, has a market of about $ 230 million.
Fitch Ratings India has revised the outlook on the Rs 10-crore non-convertible debenture programme of Aksh Optifibre Limited from stable to negative, a release said.