India-based conglomerate Reliance Industries and Japan’s Toshiba will join a global co-investment programme led by US-listed semiconductor company Intel’s corporate venturing unit, according to news provider Economic Times.
Mukesh Ambani’s Reliance group is investing in technology and lifesciences and has a $250m fund, the same size as Intel’s vehicle for the country, Intel Capital India Technology Fund, which was started in mid-2005. "The two funds are yet to close a joint deal in India but they are in the process of evaluating an investment," said an industry source to Economic Times.
A senior professional with direct knowledge of the development told the news provider: "Syndicate partners such as the Ambani-led fund will provide additional rounds of capital to fast-growing technology firms that do not need to go out into the market in search of more money."
With Toshiba, a senior professional in the private equity industry told Economic Times: "Such partnerships provide a dedicated pool of follow-on funding for fast growing companies in the Intel Cap[ital] portfolio while syndicate partners get access to strategic technology deals."