ICICI Ventures In Talks With CDPQ For Venture Fund

Mumbai: | Updated: Apr 24 2002, 05:30am hrs
ICICI Ventures, which is in the process of raising its latest fund - The India Advantage Fund (IAF), is understood to be in talks with Canadian private equity major CDPQ to involve the latter in a commitment to the IAF.

ICICI Ventures announced Life Insurance Corporations (LIC) participation in the IAF last week. As reported in eFE earlier, LIC has committed Rs 150 crore towards the proposed Rs 750 crore private equity fund.

When contacted on the issue of CDPQs participation, ICICI Ventures CEO Ms Renuka Ramnath said, As we have mentioned earlier, we are in talks with several investors and will make a formal announcement as and when we receive a commitment. CDPQ officials who are based overseas did not respond to e-mail queries on the issue.

ICICI Ventures is also believed to be in talks with Citibank for a commitment to IAF. According to media reports, ICICI Bank has already invested Rs 225 crore in IAF which has enabled the fund to tie up half of its proposed corpus.

CDPQ has been strengthening its presence in India over the last several months.

One of the firms most recent deals and its first direct investment in India was in United Television (UTV) just a few weeks ago, where the fund bought out part of Warburg Pincus stake in the company, thereby facilitating the latters exit from UTV. CDPQ is understood to have made a commitment of $13 million in UTV and has about 30 per cent stake in the company.