Investment In India | "Citi venture fund to invest $138 mln in Cox & Kings"

By: Reuters
Source: http://ibnlive.in.com
Category: Investment In India

HONG KONG (Reuters) - Global buyout fund KKR & Co LP is in early stage discussions to launch a debt fund to invest in India that could raise between $750 million to $1 billion, sources with direct knowledge of the matter told Reuters.
KKR's first dedicated India fund would aim to benefit from the country's four-year high interest rate and tap the opportunity to lend to cash-strapped Indian corporations.
The firm has not yet sent out marketing materials to potential investors, or limited partners (LP), and would not launch a new fund until it has closed its second pan-Asia fund, targeted at over $6 billion, the sources said.
The firm has held a first close of $3 billion on the pan-Asia fund.
The sources declined to be identified as the plans were not public.
KKR received approval for a fund, KKR India Alternative Credit Opportunities Fund 1, on August 14, documents posted on the Indian market regulator's website showed.
"Credit products are already structured and being delivered to Indian corporations through NBFCs (Non-Bank Financial Companies). The AIF (Alternative Investment Funds) licence received further enables KKR to broaden its alternatives strategy in India. Nothing is planned in this regard for the time being," said a KKR spokesman.
(Reporting by Stephen Aldred, Indulal PM and Nishant Khumar; Editing by Denny Thomas and Edmund Klamann)
HONG KONG (Reuters) - Global buyout fund KKR & Co LP is in early stage discussions to launch a debt fund to invest in India that could raise between $750 million to $1 billion, sources with direct knowledge of the matter told Reuters.
KKR's first dedicated India fund would aim to benefit from the country's four-year high interest rate and tap the opportunity to lend to cash-strapped Indian corporations.
The firm has not yet sent out marketing materials to potential investors, or limited partners (LP), and would not launch a new fund until it has closed its second pan-Asia fund, targeted at over $6 billion, the sources said.
The firm has held a first close of $3 billion on the pan-Asia fund.
The sources declined to be identified as the plans were not public.
KKR received approval for a fund, KKR India Alternative Credit Opportunities Fund 1, on August 14, documents posted on the Indian market regulator's website showed.
"Credit products are already structured and being delivered to Indian corporations through NBFCs (Non-Bank Financial Companies). The AIF (Alternative Investment Funds) licence received further enables KKR to broaden its alternatives strategy in India. Nothing is planned in this regard for the time being," said a KKR spokesman.
(Reporting by Stephen Aldred, Indulal PM and Nishant Khumar; Editing by Denny Thomas and Edmund Klamann)
Reuters Market Eye - Rupee trades at 55.46/47 versus its previous close of 55.5650/5750 amid thin volumes in the absence of some large banks and client flows on account of a nation-wide bank strike.
"We are trading as usual today. However, branches are closed and hence there are no client flows. SBI is out, hence, volumes are thin, USD/INR expected to stay rangebound through the day," a dealer with a large state-run bank said.
Traders say they do not expect much action through the day with the pair expected to continue trading in the range of 55.40 to 55.60.
The euro also continued to trade steady while stocks were marginally negative, failing to provide any clear direction to the pair.
Reuters Market Eye - Rupee trades at 55.46/47 versus its previous close of 55.5650/5750 amid thin volumes in the absence of some large banks and client flows on account of a nation-wide bank strike.
"We are trading as usual today. However, branches are closed and hence there are no client flows. SBI is out, hence, volumes are thin, USD/INR expected to stay rangebound through the day," a dealer with a large state-run bank said.
Traders say they do not expect much action through the day with the pair expected to continue trading in the range of 55.40 to 55.60.
The euro also continued to trade steady while stocks were marginally negative, failing to provide any clear direction to the pair.
Reuters Market Eye - Rupee trades at 55.46/47 versus its previous close of 55.5650/5750 amid thin volumes in the absence of some large banks and client flows on account of a nation-wide bank strike.
"We are trading as usual today. However, branches are closed and hence there are no client flows. SBI is out, hence, volumes are thin, USD/INR expected to stay rangebound through the day," a dealer with a large state-run bank said.
Traders say they do not expect much action through the day with the pair expected to continue trading in the range of 55.40 to 55.60. * The euro also continued to trade steady while stocks were marginally negative, failing to provide any clear direction to the pair.
NEW DELHI (Reuters) - Indian tour operator Cox & Kings Ltd said on Wednesday Citigroup's venture capital arm will invest $137.75 million in its U.K. unit, sending its shares up 8.2 percent.
The funds will be used to retire the debt Prometheon Holdings, Cox & King's U.K unit, raised when it bought British specialist travel company Holidaybreak last July.
The company, the parent of UK-based unlisted Cox and Kings, gets around half its overall revenue from its international operations and has been looking at overseas acquisitions to tap the booming outbound market and drive future earnings growth.

Source: http://ibnlive.in.com/generalnewsfeed/news/citi-venture-fund-to-invest-138-mln-in-cox--kings/1047813.html