Financial Daily from THE HINDU group of publications
Friday, May 24, 2002
Financial Daily from THE HINDU group of publications Friday, May 24, 2002 |
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Opinion
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Letters ICICI Venture Fund clarifies
This refers to the news report "ICICI may divest stake in Biocon" (Business Line, May 22). The news report says "that ICICI Ventures was facing a liquidity crunch, and, perhaps, needed the money to pump into new Rs 1,200 crore fund." ICICI Venture is a pioneer in venture capital funding and is among the largest VCs in the country. It is important to note that the new fund being referred to — the India Advantage Fund — is seeking to collect Rs 750 crore (and not Rs 1,200 crore, as mentioned) and has received a commitment of Rs 150 crore from LIC, among other investors. Even a basic understanding of the venture capital business would have made it evident to the reporter that fresh investments are sought for a new fund and it does not rely on divesting current investments. Bala Deshpande ICICI Venture Funds, Management Company Ltd, Bangalore
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