IBM eyes stake in UTI Venture
Facebook Twitter google+ RSS Feed

IBM eyes stake in UTI Venture

By Sources   |   Tuesday, 20 December 2005, 08:00 Hrs
Printer Print Email Email
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.

Experts on SiliconIndia
Santhosh  K
Sr. Soft. Engg.
Oracle India
Nehal Vyas
Sr. Team Lead
Cyberoam Tech.
Rani Malli
Sr. Director
Sr. Executive
Vijay Balkrishna Konduskar
Business Consultant
Imans Web Tech
Dr L P  Sharma
Technical Director
Reena Khanna
Dellas  Asse
sys-network admin
Computer Station
Write your comment now
Submit Reset