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☆ Sequoia to separate China, India and Southeast Asia operations by March 2024
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, June 6 (Reuters) - Global venture capital giant Sequoia announced Tuesday that it is planning to separate its China, and India and Southeast Asia businesses into two independent firms. The China and India and Southeast Asia businesses will become independent and distinct with separate brands, by March 31, 2024, Sequoia said in a statement signed by managing partners Roelof Botha, China head Neil Shen and India head Shailendra Singh. Sequoia China will retain its current Chinese name and adopt the name HongShan in English, while Sequoia India and Southeast Asia will become Peak XV Partners, the firm said. The firm partnered with local leaders in China and India and Southeast Asia over 15 years ago, according to the statement. Singh and his team raised a $2.5 billion India and Southeast Asia fund last year, its biggest yet.

Persons: Sequoia, Roelof Botha, Neil Shen, Shailendra Singh, Shen, Singh, Kane Wu, Julie Zhu, Sriram, Louise Heavens, Bernadette Baum Organizations: Sequoia, Sequoia Capital, XV Partners, HK, PDD Holdings, Thomson Locations: HONG KONG, China, India, Southeast Asia, Europe, Sequoia China, Sequoia India, Oyo, Mumbai

MUMBAI/SINGAPORE, June 1 (Reuters) - KKR & Co (KKR.N) is moving a managing director from India to Singapore to lead the firm's Southeast Asia private equity business, two familiar with the matter sources told Reuters, bolstering its personnel in the region. Kumar will work with Ashish Shastry, a partner who heads Southeast Asia and co-heads the firm's Asia Pacific Private Equity business. The move also comes as KKR strengthens its presence in India and Southeast Asia. It raised $15 billion for its fourth Asia-Pacific focused private equity fund in 2021, one of the region's largest for the asset class. KKR has been investing in Southeast Asia since 2005, and opened its Singapore office in 2012.

Persons: Prashant Kumar, Kumar, Ashish Shastry, Vini, Gaurav Trehan, Trehan's, Akshay Tanna, Sriram, Kane Wu, Mark Potter Organizations: KKR, Co, Asia Pacific Private Equity, The Wharton School, Indian Institute of Technology, JB Chemicals, TPG Inc, TPG, Associations, Reuters, Healthcare, Thomson Locations: MUMBAI, SINGAPORE, India, Singapore, Asia, Mumbai, Southeast Asia, Pacific, Philippines

☆ Blackstone acquires International Gemological Institute
▼ + stars: | 2023-05-21 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, May 21 (Reuters) - Private equity giant Blackstone Inc(BX.N) said it has fully acquired the jewellery certification firm International Gemological Institute (IGI) from China's Fosun(0656.HK) and the company's founding family. Blackstone acquired IGI- whose majority revenue and profits come from India- for about $530 million, said a person with direct knowledge of the matter. The statement said it had purchased an 80% stake from Fosun and 20% from the Lorie family. Founded nearly 50 years ago by the late Marcel Lorie, IGI has 29 laboratories and 18 schools of gemology in 10 countries. India's jewellery market was worth is $78.5 billion in the 2021 financial year and its one of the world's biggest, though a significant portion goes for export.

☆ India regulator proposes curbs on derivative-linked share moves
▼ + stars: | 2023-05-21 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, May 21 (Reuters) - India’s market regulator proposed measures to contain extreme price movements in shares on which futures and options trade, including longer trading suspensions and restricting price movements. The group collectively lost more than $100 billion in market value soon after the Hindenburg report was published. If shares are flagged for additional surveillance and monitoring should there be a daily limit for price moves, the regulator said. "From the perspective of market stability, risk management and protecting the interest of investors, it is desirable to have safeguards against such extreme price movements, SEBI said. Reporting by Jayshree P Upadhyay and M. Sriram; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ India regulator proposes halving IPO listing time
▼ + stars: | 2023-05-21 | by ( ) www.reuters.com time to read: 1 min

MUMBAI, May 21 (Reuters) - India’s market regulator proposed halving the time needed to list shares on the nation's stock exchanges from the closure of initial public offerings (IPOs) to three days. The proposed reduction in timelines for listing and trading of shares would benefit issuers and investors, the Securities and Exchange Board of India (SEBI) said in a consultation paper on its website late on Saturday. "Issuers will have faster access to the capital raised, thereby enhancing the ease of doing business, and the investors will have opportunity for having early credit and liquidity of their investments," SEBI said. SEBI invited comments on the proposed change until June 3. Reporting by Jayshree P Upadhyay and M. Sriram; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ India's RR Kable files for IPO to raise up to $27.5 million -draft prospectus
▼ + stars: | 2023-05-07 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, May 7 (Reuters) - Indian wire and cable maker RR Kabel Ltd., backed by private equity firm TPG, filed for an initial public offering on Sunday, seeking to raise up to $27.53 million, according to its draft prospectus filed to India's market regulator and seen by Reuters. RR Kabel, India's fifth largest branded wires and cable manufacturer, plans to use funds raised through the IPO to repay or prepay borrowings, in part or in full, from banks and financial institutions, according to the prospectus. TPG Asia VII SF Pte Ltd, a U.S.-based private equity firm, holds a 20.99% stake in RR Kabel and will sell some of its stake in the IPO, the prospectus shows. RR Kabel's business is primarily business-to-consumer sales of wires and cables products. ($1 = 81.7200 Indian rupees)Reporting by M. Sriram and Shivangi Acharya; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Bharadwaj, a former India managing director of Sequoia Capital who now leads venture capital firm A91 Partners. Indian VC firm Blume Ventures said in an April report consumption outside the top 30 million Indian households dropped sharply, and is driven by a "tiny superuser set". "Indian startups are not catering to a billion consumers. And only 271 Indian startups raised funding in Q1 2023, compared with 561 last year, according to CB Insights. It invested $3 billion in Indian companies in 2021 and another $500 million in 2022, by April that year, Reuters calculations show.

Organizations: & & .

MUMBAI, April 18 (Reuters) - About 300 people queued at Apple's (AAPL.O) store in Mumbai on Tuesday, as fans took selfies with Chief Executive Tim Cook, who inaugurated the first retail store run by the tech giant in India, underscoring the importance of its market. "We are so excited to open ... our first store in India." People flocked to the store from across India, hoping to be among the first to enter, in an opening event featuring local music and folk dancers. Some queued outside from the previous night to get their hands on Apple products, even though they are available online in India. [1/8] Apple CEO Tim Cook interacts with people as Deirdre O'Brien, Apple's senior vice president of Retail and People looks on, during the inauguration of India's first Apple retail store in Mumbai, India, April 18, 2023.

Cook will meet Modi on Wednesday in New Delhi, said the two sources, who included an Indian government official. One of the sources added the Apple chief would also meet India's deputy IT minister Rajeev Chandrasekhar. Modi's office declined to comment, while Apple and the IT ministry did not immediately respond to requests for comment. The sources did not elaborate, but Cook's meetings come amid Apple's growing focus on India, the world's second-largest smartphone market. The Mumbai store is in the premier Reliance Jio World Drive mall, home to luxury clothing and jewellery brands like Michael Kors, Kate Spade and Swarovski.

☆ Temasek buys 41% stake in India's Manipal Health for $2 bln- source
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, April 10 (Reuters) - Singapore-based sovereign wealth fund Temasek said on Monday that it is acquiring an additional 41% stake in India's Manipal Health Enterprises from investors including TPG, boosting its stake in one of the country's largest hospital chains to 59%. While Manipal did not specify the deal value, Temasek has paid about $2 billion for the additional stake, said a person with direct knowledge of the matter. Private equity firm TPG, an investor in Manipal since 2015, will fully exit its stake, though it will reinvest via a new fund. India's sovereign wealth fund, the National Investment and Infrastructure Fund (NIIF), will also sell its full stake to Temasek, while Manipal founder Ranjan Pai's family holding will reduce from about 50% to 30%. "By re-investing through our new Asia fund – TPG Asia VIII, we look forward to continuing to support Manipal's mission of bridging the quality healthcare infrastructure gap in the country," said Puneet Bhatia, co-managing partner of TPG Capital Asia.

☆ Indian skincare firm Mamaearth's parent puts IPO on hold - sources
▼ + stars: | 2023-03-27 | by ( M. Sriram | ) www.reuters.com time to read: +2 min

MUMBAI, March 27 (Reuters) - Indian skincare startup Mamaearth has put its initial public offering (IPO) on hold because of weak market conditions, two people with direct knowledge of the matter said, a month after two other Indian companies also scrapped their share sales. Mamaearth planned to start marketing the IPO and begin initial talks with investors by the end of January, but that has not happened yet, the sources said. The company has until December to receive approval for the IPO from the Securities and Exchange Board of India (SEBI) and file its final prospectus. He added that its largest investor, Sequoia, would not be selling any shares in the IPO and the founders would own more than 97% of their shares after the IPO. Last month, Indian apparel retailer Fabindia, backed by billionaire Azim Premji's fund, and jewellery retailer Joyallukkas scrapped their IPOs due to poor market conditions.

☆ India summons Canada High Commissioner, concerned over Sikh protesters
▼ + stars: | 2023-03-26 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, March 26 (Reuters) - India summoned Canada's High Commissioner on Sunday to "convey strong concern" over Sikh protesters in Canada and how they were allowed to breach the security of India's diplomatic mission and consulates. According to Canadian media reports, hundreds of protesters gathered in front of the Indian consulate in Vancouver on Saturday over demands for an independent Sikh state, a simmering issue for decades recently triggered again. Canada has the highest population of Sikhs outside their home state of Punjab in India. Khalistan is the name of an independent Sikh homeland that some members of that community aspire to, both at home in India and in countries where Sikhs have settled. Reporting by M. Sriram, editing by YP Rajesh and Michael PerryOur Standards: The Thomson Reuters Trust Principles.

☆ 'No relation to SVB': India's SVC Bank acts to calm depositors amid brand name confusion
▼ + stars: | 2023-03-13 | by ( M. Sriram | ) www.reuters.com time to read: +2 min

MUMBAI, March 13 (Reuters) - A little-known Indian bank moved to assure depositors their money is safe after the collapse of Silicon Valley Bank (SVB) in California caused confusion and concern due to a similarity in names. Over the weekend, India's SVC Co-operative Bank (SVC Bank), issued a statement and sent text messages in English and local Marathi language to its customers in Mumbai saying it has no relation to the U.S. lender. We are SVC Bank ... one of the leading & strongest cooperative banks in India with a legacy of 116 years." There were no scenes of panic at two SVC branches in Mumbai suburbs that Reuters visited on Monday, with account holders carrying on usual banking activities. "SVC Co-operative Bank Ltd. has no relation with Silicon Valley Bank in California," it stated.

☆ India tech minister plans to meet startups on SVB fallout
▼ + stars: | 2023-03-12 | by ( ) www.reuters.com time to read: +3 min

"Start-ups are an important part of the new India economy. I will meet with Indian Startups this week to understand impact on them and how the government can help during the crisis," Rajeev Chandrasekhar, the state minister for IT said on Twitter. "Spoke to some founders and it is very bad," Ashish Dave, CEO of Mirae Asset Venture Investments (India), wrote in a tweet. "Especially for Indian founders ... who setup their U.S. companies and raised their initial round, SVB is default bank. Software firm Freshworks (FRSH.O) said it has minimal exposure to the SVB situation relative to the company's overall balance sheet.

☆ India tech minister says to meet startups on SVB fallout
▼ + stars: | 2023-03-12 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, March 12 (Reuters) - India's state minister for technology said on Sunday he will meet start-ups this week to asses the impact on them of Silicon Valley Bank's (SIVB.O) collapse, as concerns rise about the fallout for the Indian start-up sector. "Start-ups are an important part of the new India economy. I will meet with Indian Startups this week to understand impact on them and how the government can help during the crisis," Rajeev Chandrasekhar, the state minister for IT said on Twitter. "Spoke to some founders and it is very bad," Ashish Dave, CEO of Mirae Asset Venture Investments (India), wrote in a tweet. "Especially for Indian founders ... who setup their U.S. companies and raised their initial round, SVB is default bank.

☆ Indian edtech sector still attractive for investors, GSV Ventures says
▼ + stars: | 2023-02-20 | by ( M. Sriram | ) www.reuters.com time to read: +2 min

U.S.-based GSV invests only in edtech startups around the world and manages about $500 million in assets. These are very early days for the Indian edtech market," Deborah Quazzo, managing partner at GSV, told Reuters on the sidelines of the Emeritus-GSV Leaders Summit in New Delhi on Monday. Edtech startups in India have laid off thousands of employees in the past year and have been unable to raise funding as a slowdown gripped the market. Indian edtech startups raised $2.6 billion in 2022, down 36% compared to the previous year, according to data provider Tracxn Technologies. The Indian government is also "pretty constructive" on education policies, a key factor that encourages investors like GSV to invest, she said.

☆ Blackstone says India top Asian market, eyes infra investments
▼ + stars: | 2023-02-14 | by ( M. Sriram | ) www.reuters.com time to read: +3 min

MUMBAI, Feb 14 (Reuters) - India will continue to be Blackstone Inc's (BX.N) biggest market in Asia and the private equity giant may consider infrastructure investments there in the future, a top company executive said on Tuesday. Blackstone said it manages assets worth $50 billion in India, including in private equity and real estate. Private equity deals in India totalled $32 billion last year, a 27% drop from 2021. Even as Blackstone remains bullish on India, Gray said more certainty around tax and capital market laws will help increase foreign investments in India. China's share in Asia's total private equity deal value dropped to 28% in 2022 from 41% in 2021, the data showed.

☆ Indian watchdog tells investors markets stable despite Adani rout
▼ + stars: | 2023-02-04 | by ( ) www.reuters.com time to read: +2 min

[1/2] A woman walks past the logo of the Securities and Exchange Board of India (SEBI), at its headquarters in Mumbai, India, May 27, 2022. Shares in Adani Group firms, controlled by billionaire tycoon Gautam Adani, have dropped by $100 billion, or half their market value, since U.S-based short-seller Hindenburg Research made allegations of stock manipulation and unsustainable debt. Mechanisms were in place to address excessive volatility in specific stocks, SEBI said, adding these were automatically triggered under certain conditions of stock price volatility. Reuters earlier reported that SEBI was examining the recent crash in the Adani Group's shares and looking into any possible irregularities. loadingMahindra did not directly mention Adani Group.

☆ India Budget 2023: Here's what the experts say
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +13 min

"This budget, therefore, has rewritten the rules for financilisation of savings in India, which will induce expenditures rather incentivise savings. LAKSHMI IYER, CEO-INVESTMENT ADVISORY, KOTAK INVESTMENT ADVISORS LTD"India budget 2023 has offered a multi-dimensional view. The 3 Cs which stand out are - Capex increase - consumption boost - capital gains tax status quo. Additionally, the budget has provided significant direct tax benefits to individuals which will help increase disposable income and support spending. The budget keeps in mind the needs of future India while focusing on Artificial Intelligence and machine learning.

India's largest ever secondary share sale attracted participation from anchor investors including Maybank Securities and Abu Dhabi Investment Authority, as well as India's HDFC Life Insurance and state-backed Life Insurance Corporation (LIFI.NS). By Tuesday the overall share sale was fully subscribed as foreign institutional investors and corporate funds flooded in, although participation by retail investors and Adani Enterprises (ADEL.NS) employees remained low. Support for Adani's share sale came even as the flagship's shares closed at 2,973.9 rupees, up nearly 3% but below the lower end of the sale price band of 3,112 rupees. So, what happens to one particular corporate group, is a matter between the market and the corporate group." Reuters GraphicsHindenburg said in its report it had shorted U.S.-bonds and non-India traded derivatives of the Adani Group.

The secondary share sale of flagship Adani Enterprises (ADEL.NS) was subscribed 93% on Tuesday, including the anchor investor portion, Indian stock exchange data showed. The share sale needed at least 90% subscription to go through. By Monday, the book building process of the country's largest share sale had received only 3% in bids, amid swirling concerns that the share sale could struggle due to a market rout in Adani's stocks in recent days. That has since sparked $65 billion in cumulative losses for stocks of the Adani group, which called the report baseless. The support for Adani's share sale came even as the flagship's shares were trading at 2,967 rupees, up nearly 2.5% but below the lower end of the share sale price band of 3,112 rupees.

Adani Enterprises, the flagship firm, was trading 4% higher at 3,000 rupees, still below the lower end of the share sale's price band of 3,112 rupees. But other group stocks, including Adani Power (ADAN.NS), Adani Green (ADNA.NS) and Adani Total Gas (ADAG.NS), were down 5%-10%, extending their falls after Adani's 413-page response to Hindenburg's allegations failed to boost investor confidence. An unsuccessful share sale would be a stunning setback for Adani whose group has in recent days repeatedly said investors were standing by its side and the share offering will go through. The share sale needs at least 90% subscription to go through. Hindenburg said in its report it has shorted U.S.-bonds and non-India traded derivatives of the Adani Group.

☆ India's Adani Enterprises enters final day of crucial $2.5 billion share sale
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +1 min

A successful completion of the share sale will show investors still believe in the group's prospects and that it can weather the unprecedented short-seller challenge and its aftermath. Adani Enterprises stock opened at 2,932 rupees, still below the lower end of the share sale's price band of 3,112 rupees. The share sale needs at least 90% subscription to go through. Some other group stocks, including Adani Power (ADAN.NS), Adani Green (ADNA.NS) and Adani Total Gas (ADAG.NS), were down 5%-10%. Adani Wilmar (ADAW.NS) was down 5%, but Adani Ports and Special Economic Zone (APSE.NS) rose 0.5% at open.

[1/5] Indian billionaire Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port earlier in January 2023, in Haifa port, Israel January 31, 2023. REUTERS/Amir CohenSummarySummary Companies Adani scripts comeback by completing share saleKey $2.5 billion share sale fully subscribed-dataShort-seller's report led to fall in Adani sharesMUMBAI, Jan 31 (Reuters) - Gautam Adani's crucial $2.5 billion share sale was fully subscribed on Tuesday as investors pumped funds into his flagship firm, despite a $65 billion rout in the Indian billionaire's stocks sparked by a short-seller's report. Support for Adani's share sale came even as the flagship's shares closed at 2,973.9 rupees, up nearly 3% but below the lower end of the sale price band of 3,112 rupees. So, what happens to one particular corporate group, is a matter between the market and the corporate group." Hindenburg said in its report it had shorted U.S.-bonds and non-India traded derivatives of the Adani Group.

[1/2] The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, January 27, 2023. Adani Group in a statement said: "There is no change in either the schedule or the issue price." The Adani Group has called the report baseless and said it was considering taking action against Hindenburg. Friday's 20% fall in shares of group flagship Adani Enterprises dragged it 11% below the minimum offer price of the secondary sale. The Hindenburg report questioned how the Adani Group used entities in offshore tax havens such as Mauritius and the Caribbean islands.

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