Nov 21, 2006

Ambani Jr lines up $5 bn global M&A fund

Anil Ambani plans to launch a global buyout fund of about $5 bn aimed at telecom and related sectors and is in talks with billionaire speculator George Soros, private equity giant Blackstone group and Singapore's Temasek for participation. Mr Ambani has already contributed $500m of his personal money to the fund as anchor investor.
He has received commitments of up to $2.5 bn from several investors. Mr Soros, Blackstone and Temasek are likely to participate soon, people familiar with the developments said. The name of the fund has not been decided but it is likely to be headquartered in Singapore.

While Mr Ambani will be the fund's main sponsor, the management team is likely to be separate. The money Mr Ambani has invested is his personal wealth, sources said. The fund will focus on buying companies in sectors like media, communications technology and software, IT-related services, BPOs, telecom or broadband services.

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