Mumbai, Nov 7: The Commonwealth Development Corporation (CDC) has said that its new equity investments have exceeded $80 million in the third quarter of 1998. The British-promoted multilateral financial institution has said that it plans to make equity investments to the tune of $100 million by the year end. CDC is one of the leading development finance institutions operating in the emerging economies through 27 overseas offices. At the end of 1997, CDC had $2.6 billion invested in 400 enterprises in 54 countries.Commenting on the performance of CDC in India, chairman Lord Cairns said, "We are delighted that the development of CDC's strength as a private equity player has led to a major shift in its portfolio from 33 per cent equity and 67 per cent debt (out of total of $215 million) at the end of 1995 to 57 per cent equity and 43 per cent debt (out of total of $350 million) today. CDC is spearheading the market driven changes throughout CDC that will equip us to be a major private equity investor inemerging markets into the next millennium."
A CDC release said that from January to September 1998, the corporation has invested $80 million in 10 companies. Among the investments include a $11.4-million equity investment in Shree Rama Multitech, a manufacturer of laminated tubes and other packaging products. It has also made a $1.5-million equity investment in I-Code Inc, a US company developing software products and providing software services from Bangalore.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
Printer-friendly page
