Universalfacts

Loha Ispaat To Raise Funds Through IPO

2012-12-27T20:59:00.000+05:30

Date:27/12/2012,

IPO,

Domestic Company, Closed Deal,

Loha Ispaat Ltd founded in 1985 by Rajesh Poddar, planning to raise funds through IPO and has filed DRHP for the same. The company is offering around 30,214,320 equity shares of face value R10 each, diluting 29.94% stake in the company.

The proceeds will be used to fund working capital requirements (post expansion at Khopoli and Taloja Plants) and for general corporate purposes.

Loha is also considering a pre-IPO placement of up to 49 lakh equity shares, according to draft prospectus of the company.

Aryaman Financial Services Ltd is the book running lead manager for the issue.

Promoter Rajesh Poddar's stake will be reduced to 49.09% from 70.07% post issue while promoter group and relatives' stake to 20.97% from 29.93% stake.

Loha Group has marketing & distribution network across India, UAE, Hongkong supplying to diversified industries such as Automobile , Infrastructure , Fabrication , Heavy & General Engineering, Pipes & Tubes , Constructions , Power, Electrical & Transformer ,Panels , pre-building Engineering ,Heavy & Transport Vehicles Manufacturing etc.

Currently, the company operates from two locations in Western Maharashtra, i.e. at Khopoli and Taloja. The Khopoli Unit provides various lines for Slitting and CTL facilities with an installed capacity of 900,000 MTPA, which would be increased to around to 2,181,900 MTPA post the current expansion project.

The company has two subsidiaries Loha Ispaat Hong Kong Limited, Loha Ispaat Middle East FZ Company.

Gayatri Projects Raises Funds Through Institutional Placement

2012-12-18T14:54:00.000+05:30

Date:18/12/2012,

Public Equity,

Domestic Company, Closed Deal,

Gayatri ProjectsLtd, raised INR 75.21 Cr through fresh equity issuance to QIBs.

The company issued more than 62.58 lakh shares at a price of R120.18 per share. Its weighted average stock price stood at INR124.83 today.

Elara Capital was the sole book running lead manager to the offering.

Whereas the purpose of the fund raise was not disclosed, in September the company was planning to invest in overseas JV companies and also acquire equity in Gayatri Trident Africa FZC, its overseas JV firm.

Gayatri Projects was planning a stake dilution (to the extent of NR 500 Cr and offloading 15%) in its energy holding company Gayatri Energy Ventures to finance its power ventures. It is working on two coal based power projects at Krishnapatnam, Andhra Pradesh.

Also the company had recently concluded the full redemption of its FCCBs by paying off JPY 2,190,442,454, which was financed through ECB of JPY 1.9 Bn raised from IDBI Bank and rest taken care of by internal accruals.

Gayatri Projects, operating since 1975, is a player in the infrastructure fields of construction of roads, roads, dams, highways, canals and other civil works. Its subsidiary – Gayatri Energy Ventures handles its power projects.

It is also in the process of setting up a 1,320MW thermal power plant in Nellore, AP through a 51:49 JV, Thermal Powertech Corporation India Ltd, with Singapore based Sembcorp. Total equity required is about INR1,700 Cr. The promoters have infused about 35% of the equity so far, with Gayatri pumping in INR237 Cr and Sembcorp is infusing R350 Cr in the project.

Other infra firms that planned/raised funds through QIP include Marg Ltd., which was looking to raise INR500 Cr by the said method for its projects.

Major player GMR Infra was planning to raise INR2500 Cr via any of the methods including GDR/ADR/FCCB/QIP or follow on offer etc.

MobME To Raise Funds Through IPO

2012-12-13T14:47:00.000+05:30

Date:13/12/2012,

IPO,

Domestic Company, Announced Deal,

MobME Wireless Solutions Pvt Ltd, Mobile value added services provider, planning to raise funds through an IPO at the SME Exchange on the NSE, according to nextbigwhat.

The company is the first startup from Kerala to go public for raising funds and is preparing a DRHP for the same.

It has appointed IDBI Capital Market Service as the Merchant Banker.

Founded in 2006 in Trivandrum Technopark, MobMe providers value added services to telecom operators like Vodafone, Airtel, Idea and others.

Recently, MobMe partnered with Dutch security leader Gemalto and Valimo Wireless Oy of Finland to roll out mobile digital signatures for secure logins and transactions in India.

MobME is also the first telecom mobile VAS company to have a full-fledged R&D facility certified by the Central Department of Government of India.

Management consulting firm Zinnov says that the MVAS market in India, currently valued at over $5 Bn will cross $6 Bn in 2013. India has over 900 Mn wireless subscribers with a growing appetite for buying mobile based services.Larger companies like OnMobile and One97 also fall into the MVAS category.

Recently, Thejo Engineering got listed at R412 per share on NSE’s SME platform.

In the Space, Zipdial Mobile Solutions, a mobile solution startup in Bangalore has secured seed investment from 500Startups; Mobile application developer - Twist Mobile India raised series A investment from Matrix Partners; Bangalore based United Mobile Apps raised $1Mn Series A funding from Mumbai Angels.

PC Jeweller To Raise Funds Through IPO

2012-12-04T14:40:00.000+05:30

Date:04/12/2012,

IPO,

Domestic Company, Closed Deal,

PC Jeweller Ltd is raising INR 609 Cr through IPO by offering 45,133,500 shares which constitutes 25.2% of the post issue paid-up equity capital. The fund raise will be used to finance establishment of new showrooms and for general corporate purpose.

The Company has set the price band of INR 125-135 for the issue which will be open from 10th December to 12th December’12.

SBI Capital Markets and Kotak Mahindra Capital Company are the book running lead managers, while IDBI Capital Market Services is the co-book running lead manager for the issue.

PC Jeweller Ltd founded in 2005 by Padam Chand Gupta and Balram Garg, PCJL is engaged in the business of manufacturing and selling of gold and diamond-studded jewellery to wholesale /retail customers in domestic and export markets.

IndusInd Bank Ltd Raises Funds Through QIP

2012-12-03T14:26:00.000+05:30

Date:03/12/2012,

Public Equity,

Domestic Company, Closed Deal,

IndusInd Bank Ltd founded in 1994, raised around INR 2000 Cr through QIP. The banks has issued 5,21,00,000 shares at INR 384 per share.

UBS, Government of Singapore, SBI Mutual Fund and HDFC Life bought the shares.

IBL has a network of over 421 branches and 735 ATMs spread across 288 locations across India. IBL also has a Representative Office each in Dubai and London.

Dish TV Ltd Plans For Its Second GDR Issue

2012-11-22T14:16:00.000+05:30

Date:22/11/2012,

Public Equity,

Domestic Company,

Dish TV Ltd, planning to raise $100 million through GDR issue. The funds will be used for expansion projects and enhancing the subscriber base of the company.

Goldman Sachs is advising Dish TV for the issuance.

The company is offering close to 7% stake at a marginal discount to the current market price.

Incorporated in 2005, Dish TV India Limited is a part of the Essel group and provides direct to home (DTH) services. DTIL has highest transponder capacity in DTH industry in India, bandwidth capacity of 648 MHz with an ability to deliver more than 400 channels & services including 22 audio channels and over 40 HD services.

Dish TV has a vast distribution network with over 1,400 distributors and around 114,000 dealers that span across 8,500+ cities in India as on September 30, 2012.

The company has a subscriber base of around 13.90 Mn subscribers, as on September 30, 2012, and continues to be a market leader holding 28.2% market share in a six player market.

Promoters Of Disa India To Cut Stake Through OFS

2012-11-19T14:08:00.000+05:30

Date:19/11/2012,

Public Equity,

Domestic Company, Announced Deal,

Disa India Ltd will offload around 11.45% of its equity or 1.73 lakh shares in the company to meet the minimum public shareholding norm of 25% by SEBI.

Promoter holding in the company stands at 86.49% stake currently and the sale will be done through Disa Holding A/S on November 20.

The stake dilution comes in the back of a guideline issued by the finance ministry in 2009 requiring listed companies to raise their public shareholding to 25% and SEBI had asked them reduce the promoter shareholding to a maximum level of 75% (excluding PSUs) by June 2013.

Disa India develops and manufactures a complete range of metal casting production solutions for the ferrous and non-ferrous foundry industries.

Jammu & Kashmir Power Development To Go Public

2012-11-19T13:41:00.000+05:30

Date:19/11/2012,

IPO,

Domestic Company, Closed Deal,

Jammu and Kashmir Power Development Corporation (JKPDC) is in the initial stages to come out with the IPO.

The state owned hydro-power operator did not divulge any details regarding the amount and timing of the issue.

Proceeds from the public issue would be utilized for implementation of power projects.

onfronted with such a business environment and combining with a lackluster IPO market, the IPO plan seems to be a brave move to say the least.

The state has potential for generation of over 20,000 MW of hydel power.

JKPDC’s MD, Basharat Dar stated the firm’s aim of adding 8000 MW of hydro power in the state in the 12th and 13th plan including the IPP projects.

The company presently has 20 hydroelectric projects with installed capacity of 758.70MW located in various districts of Jammu & Kashmir including 450MW BHEP.

However a renewed interest from certain companies had triggered the hopes for a better IPO market this year. Those in the pipeline include rating agency CARE, fashion retailer Monte Carlo, Tata Sky, Bharti Infratel and local search services provider JustDial among others.

Another government entity looking to divest through public issues include 10% equity in Hindustan Aeronautics (HAL), Balco and Nalco among others.

The government earlier deferred the IPO of Rashtriya Ispat Nigam Ltd. (RINL) due to weak stock market conditions. The R2,500 Cr RINL issue was originally proposed to hit the markets in July.

Globus Spirits Ltd Plans To Raise Funds

2012-11-15T13:28:00.000+05:30

Date:15/11/2012,

PUBLIC EQUITY,

Domestic Company, Allots Shares(preferential or rights basis),

Globus Spirits Ltd founded in 1993 by Ajay Kumar Swarup, planning to raise funds through further issue / placement of securities including ADR/ GDR, QIP, FCCBs, etc. subject to the approval of the shareholders.

Globus Spirits is engaged in the business of manufacture, marketing and sale of Industrial Alcohol comprising Rectified Spirit and Extra-Neutral Alcohol, Country Liquor, and Indian Made Foreign Liquor (IMFL).

It also manufactures IMIL under brands like, Nimboo, Narangi, Ghoomar and Heer Ranjha. The IMFL brand includes – County Club, French Castle, Hannibal Legendary and White Lace.

Investors Planning Partial Exit Through CARE IPO

2012-11-12T13:13:00.000+05:30

Date:12/11/2012,

IPO,

Domestic Company, Announced,

Credit Analysis & Research Ltd (CARE), planning to come out with an IPO since last year, plans to provide a window for existing investors to part exit through the new offering.

Its investors include IDBI Bank, Canara Bank, SBI, IL&FS and Federal Bank and the company plans to offload a total of around 25% of the post-IPO equity capital which could be valued at approx. INR 500-600 Crore.

IDBI, holding 26% stake, is the main promoter of the rating agency along with Canara Bank.
Milestone Trusteeship (for shares held on behalf of Milestone Army Trust), ING Vysya and Tata Investment are other significant stakeholders in CARE.

Also Aditya Birla PE and Bajaj Holdings & Investment could be participating in the sale as they had picked up 10% stake in the company for around INR150 Cr in 2010.

CARE Ratings commenced operations in 1993 and since then has grown to become the second largest rating agency after Crisil (now a unit of S&P). Operating out of its office in Sion, Mumbai, it is the only fully domestic rating agency with no foreign holding.

Rival rating agencies Crisil and ICRA are both listed which are now under foreign firm’s control. Crisil has a market cap of around INR 6,500 Cr whereas ICRA is valued at INR1,400 Cr by the market players.

After a dull stock market movement last year, the government is planning to revive the markets this year along with its own set course of divestments. Some of the filed DRHPs this year include that of Bharti Infratel, GB Tools & Forgings, JustDial and V-Mart among others.

However, around 20 companies including Reid & Taylor, Micromax Informatics, Embassy Property, Joyalukkas and Tata Autocomp System had called off their IPO plans totalling nearly R9,000 Cr in this year, according to SMC Global Securities.

Polygenta Technologies Ltd To Raise Funds

2012-11-08T13:02:00.000+05:30

Date:8/11/2012,

IPO,

Domestic Company, Allots Shares(preferential or rights basis),

Polygenta Technologies Ltd, a Polyester Filament Yarn maker founded in 1981, planning to raise INR 400 million by issuing CCPs on preferential or rights basis.

Polygenta Technologies Ltd is an integrated producer and processor of multi-filament polyester textured yarn.

Polygenta has license for the ReNEW process, a PET recycling technology, which produces a sustainable feedstock which can be further processed for use in manufacturing polyester products.

Polygenta sells its PFY products under ‘Polygold’ brand for various applications including apparel, denim, home furnishings, floor coverings, and industrial applications. Polygenta currently operates from a single plant near Nashik, Maharashtra.

Monte Carlo Plans For IPO

2012-11-06T12:52:00.000+05:30

Date: 6/112012,

IPO,

Domestic Company, Announce deal,

Monte Carlo Fashion Ltd, a part of the Nahar Group which recently raised INR1750 million from Samara Capital and its planning for IPO next year. The company is planning to expand its capacity and retail footprint.

Monte Carlo Fashions is a part of the Nahar Group. Last year, Monte Carlo was hived-off from Oswal Woollen Mills - the flagship company of the Nahar Group to unlock the value of the brand through listing and private placement.

After the demerger with its parent, Monte Carlo Fashions owns a garment manufacturing facility and the retail business, while Oswal Woollen took control of spinning, yarn and denim businesses.

Monte Carlo offers summer as well as winter garments and has a wide range of sweaters, shirts, trousers, denims, lounge wear while winter and summer wear share the revenues almost equally.

Recently, the company started two stores in Dubai and one in Nepal. It is currently exporting to Dubai and some African countries in small quantity.

Reliance PE Invests INR105 Cr In Max Flex For 29% Stake

2011-10-12T16:00:00.000+05:30

Date:12/10/11,

Private Equity,

Domestic Deal,

Reliance Equity Advisors invests INR105 Cr in Max Flex & Imaging Systems Ltd and acquires 29% stake . The PE investment came after the Mumbai based digital and offset printing materials manufacturer shelved plans for a INR 120Cr.

Max Flex & Imaging Systems Ltd founded in1968, by Hitesh Jobalia & family. The company is engaged in trading of consumables required in the printing industry and offers over 9,300 variations such as solvent ink, photo paper, flex boards, printing inks, plates etc.

The company has two subsidiaries, Amprochem Pvt Ltd engaged in chemical manufacturing and Max Apollo Flex Digital Ltd formed in 2011 for manufacturing of flex.

Sequoia Capital To Invest $5 Million In Faaso's

2011-10-12T10:18:00.003+05:30

Date:12/10/11,

Private Equity,

Cross Border Deal, Announced,

Sequoia Capital, a private equity frim, will invest $5 million in Faaso's, a Pune based vendor of Indian fast food for an undisclosed minority stake.

Faaso's, a Pune based vendor of Indian fast food founded two engineering college classmates. The chain will use this funding to set up 50 units in Mumbai in the next 18 months and then hopes to have 300 to 400 outlets across the country in Bangalore and the National Capital Region. The QSR or Quick Service Restaurant business is not new to Sequoia.
According to GV Ravishankar, managing director of Sequoia Capital India, Fasoo's will focus on the new-generation, doubleincome Indian family and will address both the residential and office crowd. "This is not a new market, it is a space where execution counts," he says. According to some industry estimates, the Indian "eating out" industry is itself worth Rs 100,000 crore and growing at 15-20% per annum, exciting investors such as Sequoia.

South Africa's Life Healthcare To Buy 26% Stake In Max Healthcare

2011-10-12T09:55:00.001+05:30

Date:12/10/11,

M&A,

Cross Border Deal, Announced,

South Africa's second-largest hospital chain, is acquiring a 26% stake in Analjit Singh-led Max Healthcare for INR 5160 million.

Making this one of the largest foreign investment deals in the Indian healthcare sector.
The proposed transaction values the Max India subsidiary at around INR 2,000 crore, which is almost two-and-a-half times the valuation at which private equity fund Warburg Pincus exited the healthcare company in June this year. The private equity player had sold a 16.37% stake in the unlisted hospital chain to Max India for INR 140 crore at 29.40 a share, pegging the valuing of the company at INR 855 crore.

"This will be an all-cash transaction. Life Healthcare is paying an entry premium for accessing the Indian market," said Max India Managing Director Rahul Khosla. Max India shares fell marginally to close at 117.90 on the Bombay Stock Exchange.

Flipkart Acquires MIME360, A Digital Content Platform

2011-10-12T09:27:00.005+05:30

Date:11/10/11,

M&A,

Domestic Deal,

Flipkart, a Bangalore based company acquires Mumbai based Mime360,a digital content platform, for undisclosed amount.

Mime360 (Manoramic International Media Exchange), a digital content platform founded by Sameer Nigam and Rahul Chari. The company ties up with content owners to host their digitized content, and then offers APIs to publishers and content aggregators for integrating with their business.
The company works on a pure revenue-share basis with content owners, and licenses out the encryption technology to web publishers and cloud service providers. It has tied up with Saregama, Universal Music and Inreco for content and delivers content to publishers like Gaana.com (Indiatimes), Myusic and iMusti.
Flipkart, which started as an online retailer of books in 2007, has slowly diversified into mobiles, cameras, movies and music CD/DVDs and electronic goods. It has offices in Bangalore, Mumbai, Delhi, Chennai and Kolkata.

Groupon India founders Ananya Bubna & Udayan Bubna quit for fresh e-commerce venture

2011-10-12T09:00:00.000+05:30

Date:12/10/11,

Corporate Announcement,

Within a year of Groupon's acquisition of Sosasta. com, a daily deals site, the founders of Sosasta.com have left the company for other entrepreneurial ventures.

Ananya and Udayan Bubna started Friday Media, a digital media start-up in 2009 which owned Sosasta.com. The company was acquired by Groupon, the Chicago-based daily deals site. In the recent past, Groupon has lost many of its top management in India and abroad.

Ananya Bubna, who was appointed CEO, Groupon India and his brother Udayan Bubna who was COO, Groupon India, left the company in August to float their own e-commerce venture. Still in stealth mode, Ananya Bubna told ET that the launch is due early next year. The brothers will still serve as directors of Groupon in an advisory role till then.

"Our venture is not going to be similar to what Groupon does. But yes, it's an internet company and has commerce involved. We have seen a lot of investor interest and we are very excited," said Ananya Bubna, who is busy interviewing candidates for his new company.

Eye-Q Hospitals Raises Funding From Helion, Nexus Venture Partners

2011-10-11T09:44:00.000+05:30

Date:11/10/11,

Venture Capital,

Cross Border Deal,

Eye-Q Super, a Gurgaon based Specialty Eye Hospital, receives series B venture financing from Helion Venture Partners and Nexus Venture Partners.

Eye Q Vision operates 16 eye care hospitals on a hub-and-spoke model across Haryana, Delhi, Uttaranchal and Uttar Pradesh and is planning to expand its network to another 20 towns in the next two to three years.
In 2010,

Eye-Q Super, a Gurgaon based Specialty Eye Hospital, receives series A venture financing from SONG Investment Advisors India Pvt Ltd. SONG Investment Advisors a fund owned and managed by the Soros Economic Development Fund, Omidyar Network and Google.

SEL Manufacturing Acquires Silverline Corp

2011-10-11T09:33:00.000+05:30

Date:11/10/11,

M&A,

Domestic Deal,

SEL Manufacturing Co Ltd, acquires 97.35% stake in Gujarat based Silverline Corp Ltd through it's wholly owned subsidiary, SEL textiles Ltd.
Silverline Corp Ltd had unit in Vadodara with a capacity of more than 70,000 spindles and not much is available about Silverline Corp.

SEL Manufacturing Ltd founded in 1969 and a part of RS Saluja Group of Companies. It manufactures yarns, knitted fabrics, readymade garments, and terry towels.

IDG Ventures Invests $3 Million in Online Fashion Retailer, eShakti.com

2011-10-10T09:38:00.000+05:30

Date:10/10/11,

Venture Capital,

Cross Border Deal,

eShakti.com Pvt Ltd, a Chennai based online fashion retailer, receives series A venture financing of $3 million from IDG Ventures for undisclosed minority stake. The funds will be used to scale up operations, add new product lines and cater to Indian customers as well. The company may look at yet another round of fund-raising next year.

Presently, eShakti exports custom made desinger clothes to US and is in the process of launching the firm's Indian brand Zapelle. The company will add accessories including belts, bags and jewellery to it's product line in the next six months.

In the past, eShakti.com has raised angel funding from Indigo Monsoon Group. The Indigo Monsoon Group is an investment firm that focuses on early stage internet, mobile and technology start-ups either located in India or targeting Indians.

IDG Ventures is a division of US-based International Data Group Inc.(IDG). In 2006, IDG Ventures had set up its first India-based fund of $150 million and has plans to raise another $150-200 million for investments in tech start-ups in India.

Nexus, Lightspeed Invest In Handicraft Portal-Craftsvilla.com

2011-10-07T09:47:00.000+05:30

Date:07/10/11,

Venture Capital,

Cross Border Deal,

craftsvilla.com, a handicraft and natural product e-commerce portal, receives early stage funding from Nexus Venture Partners and Lightspeed Venture Partners.
Kriba Handicrafts Pvt Ltd, which runs the website craftsvilla.com was co-founded in December by Manoj Gupta, who was earlier principal at Nexus Venture Partners. He has already intiated talks for second round of funding. According to a statement by Manoj, Kriba needs an investment of around Rs100Cr over the next 2-3 years for expansion.

The company has 500 vendors and more than 1,000 artisans supplying it products, including apparel, bags, jewellery, home furnishing, health and beauty accessories

MyDala.Com Raises INR 180 Million From InfoEdge In Second Round

2011-10-04T09:41:00.005+05:30

Date:04/10/11,

Venture Capital,

Domestic Deal,

MyDala.com, Group buying site operated by Kinobeo Software Pvt Ltd, receives series B venturing of INR 180 million from existing investor InfoEdge India Ltd.

In April 11,

MyDala.com, Group buying site operated by Kinobeo Software Pvt Ltd, receives series A venture financing INR 90 million from InfoEdge India Ltd.

In 2010,

MyDala.com, Group buying site operated by Kinobeo Software Pvt Ltd, receives angel round of INR 11 million venture financing from Individual inverstors Ajay Relan and Jayanta Basu, unknown US investors. Relan and Basu, the founding partners of Delhi based PE firm CX Partners, invests in MyDala in their personal capacity.
MyDala.com, Group buying site operated by Kinobeo Software Pvt Ltd founded in 2009 by Anisha Singh and Arjun Basu.

Canaan Partners Invests INR 200 Million In Loylty Rewardz

2011-10-04T09:33:00.001+05:30

Date:04/10,11,

Private Equity,

Cross Border Deal,

Loylty Rewardz Management Pvt Ltd, a Mumbai based loyalty and rewards management company, receives private equity investment of INR 200 million from Canaan Partners.

In November 2009

Loylty Rewardz Management Pvt Ltd, a Mumbai based loyalty and rewards management company, receives private equity investment of INR 60 million from eYantra Industries Ltd, Ventureast Proactive and Argonaut Private Equity. eYantra Industries Ltd exit from Loylty rewards at more than 2.5X return.

Loylty Rewardz Management Pvt Ltd founded in 2006 by Bijai Krishnan Jayarajan. Currently, the company runs debit card loyalty program - FreedomRewardz for State Bank Group customers, myWorldMiles.com for Deutsche Bank, PremierMiles.co.in for Citibank and www.pnbRewardz.com for Punjab National Bank.

Vivimed Acquires Klar Sehen Pvt Ltd

2011-10-04T09:26:00.002+05:30

Date:03/10/11,

M&A,

Domestic Deal,

Vivimed Labs, acquires Kolkata based eye care pharma firm, Klar Sehen Pvt Ltd for undisclosed amount.

30 year old - Klar Sehen operates in a niche ophthalmic segment and owns about 50 trademarks and some very well known brands such as Renicol, Lysicon-V. Care Tears. Dexacort etc, in eye care segment.

KSPL has cGMP compliant manufacturing facilities at Kolkata, Hyderabad and also has arrangements to manufacture some of its products in Uttaranchal. KSPL presently operates from its headquarters in Kolkata with over 150 medical sales professionals.

Earlier in the month, Vivimed Labs receives INR 127 Cr from NYLIM Jacob Ballas India Fund III LLC and Kitara Capital. It also has a commitment of raising $20 million from International Finance Corp, of which it recently raised $7.5 million through a sale of foreign currency convertible bonds.

Intel Capital Plans To Invest $20 Million In Six Indian Companies

2011-09-30T18:17:00.000+05:30

Date:30/09/11,

Private Equity,

Cross Border Deal, Announced,

Intel Capital, plans to invest $20 million in six Indian companies.

While investment in three companies, Saankhya Labs, Testing Czars, and FINO -- has been completed, Intel Capital has signed agreements for investment in What's on India, enStage and DURON Energy as well, Intel Capital said in a statement.

The investments are part of Intel Capital's ongoing efforts to support Indian technology innovation and entrepreneurship, it added.

Details of these investments, including the amount to be invested in each company, were not disclosed.

"Indian entrepreneurs are increasingly at the forefront of innovation, using technology to change the way we live and do work. Intel Capital's investments in these six companies will help them grow their businesses and push into new markets," Intel Capital President and Intel Executive VP Arvind Sodhani said.

Saankhya Labs is a fabless semiconductor company, while Testing Czars is a global independent test engineering and solutions provider for mobile applications.

Financial Inclusion Network and Operations (FINO) provides business and banking technology platforms, while What's on India provides electronic programming guides for television. enStage is an electronic payment solutions and processing provider.

DURON Energy is a pioneer in affordable solar power products designed for off-grid use in emerging markets.

Funding for the investments announced by Intel Capital comes from the $ 250 million Intel Capital India Technology Fund established in December, 2005.

The fund invests in Indian technology companies to stimulate local innovation and the continued growth of India's information technology industry.