Japan-based financial services group Mizuho and India-based conglomerate Tata have invested R141 crore ($30m) in outsourcing company Tata Technologies.
Mizuho through its Alpha TC corporate venturing vehicle that aims to bring Japanese companies to Indian firms, and Tata using its Tata Capital Growth Fund I invested the money for a 13.04% stake in Tata Technologies.
Tata Capital Growth Fund raised its first $200m after having begun marketing in July last year. Nearly 40% of the fund, which is managed by Akhil Awasthi, was raised from Indian investors, while overseas limited partners contributed just over a third. The balance is Tata’s capital, according to news provider Mint, while a separate report said Tata Capital and Mizuho would jointly commit a fifth of the total fund size.
Tata Capital is using Mizuho as its placement agent for the fund and the Japan Bank for International Cooperation, the international unit of the state’s Japan Finance Corporation has invested $25m in the fund.