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      New York Life Investment to pump in $100 million in India


      New York Life Investment Management Holdings (NYLIM), the private investment arm of USA's New York Life Insurance Company, today said it will put in 100 million dollars in Indian companies to cash in on the booming technology, pharma, retail and infrastructure sectors.

      NYLIM has entered into a partnership with New Delhi-based non banking finance company Jacob Ballas, advisors to the New York Life Insurance Private equity funds in India, to make these investments.

      NYLIM has also acquired 24.6 per cent stake in Jacob Ballas, which has a market capitalisation of 10 million dollars. However, the companies refused to divulge details of this transaction.

      "We have committed 60 million dollars for private equity investment in Indian companies. Of this, 20 million dollars has already been invested in Punj Lloyd, Reliance Energy and ABG Shipyard," NYLIM President and Director Brian Murdock said at a press conference here.

      The rest of the amount will be invested as and when opportunities arise, with a focus on "India advantage" segments like IT and pharmaceuticals, sectors that cater to domestic consumption, infrastructure and banking sector, which offers consolidation opportunities, he added.

      Further, the firm will invest up to 40 million dollars in secondary market operations in India. "We will put in 30 to 40 million dollars in the secondary market. We are recruiting people and hope to commence secondary market operations in India in the first quarter of 2006," Mr Murdock added.

      The company was also in the process of soliciting 140 million dollars from third parties in Japan, Europe and the US, which could be invested in Indian companies. "It will be private equity, to be managed by Jacob Ballas," Mr Rajan Jetly, Chairman of Jacob Ballas, said.

      Working with Jacob Ballas, New York Life had earlier invested 38 million dollars in companies including Bharti Televentures, Gujarat Pipavav Port and Thomson Press.

      Mr Murdock said the company was bullish on opportunities in India. "We are excited at the opportunities across numerous sectors in India and the favourable prospects of continuing growth," he said.

      New York Life Capital Partners (NYLCAP), the private equity affiliate of NYLIM, which manages over 4 billion dollars private equity assets, will consult on India opportunities.

      October 13, 2005


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