IBM eyes stake in UTI Venture

By Sources   |   Tuesday, 20 December 2005, 08:00 Hrs
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KOLKATA: IBM is eyeing a stake in UTI Venture, a 100 percent subsidiary of UTI Asset Management Co. According to the highly placed sources, UTI Mutual Fund ruled out a strategic deal in the immediate future, they referred to a number of top international outfits that have shown interest in the venture fund's recent initiatives.

UTI venture firm’s Managing Director, K E C Rajakumar said, “IBM is indeed interested in striking a "preferred relationship" with the UTI MF subsidiary. He, however, mentioned that no stake sale is on the cards.”

He said, "We intended to raise $150 million, but are now hopeful of mobilizing $180 million or so.” The funds so raised will be allocated to promising companies operating in what are typically called “emerging” businesses, such as, biotechnology, knowledge process outsourcing and textiles.

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