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IBM eyes stake in UTI Venture
By Sources
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Tuesday, 20 December 2005, 20:30 IST
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 firms 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.