Aditya Birla Capital Advisors (ABCAP), the private equity arm of the Aditya Birla Financial Services Group (ABFSG), announced the first closing of the Aditya Birla Private Equity – Fund I, today.
The maiden fund has been very well received by domestic high net worth clients and institutional investors and has commitments of over Rs. 675 crores, despite an uncertain market environment. In view of continued strong patronage of investors, the Fund will continue to accept applications for a limited period and would announce its second and final closing shortly.
Commenting on the occasion, Mr. Ajay Srinivasan, Chief Executive – Financial Services, Aditya Birla Group said “Private Equity plays an important role in delivering the commitment of the Aditya Birla Financial Services Group to meet all the needs of our target customers. We have ambitious plans for this business and our maiden fund’s mobilization of over Rs. 675 crores is a good first step in that direction. Our strong investment team will now put this money to work for our investors.”
As a demonstration of the Group’s commitment to the business, the Aditya Birla Group contributed twenty percent of the fund corpus.
The Aditya Birla Private Equity – Fund I seeks to deliver returns to its investors by investing in and harvesting business growth opportunities created by the strong economic prospects of the Indian economy. The Fund is a growth capital focused fund and will have an active investment approach. It proposes to target substantial minority stakes, while investing primarily in unlisted, mid-cap, high-growth, India-centric companies, and is sector-agnostic.
The fund has an Advisory Board including Mr. RC Bhargava and Dr. Ashok Misra.
Zurich Financial Services Group and CSC Sign New IT Services Contract in Europe and North America
ZURICH, Switzerland, and FALLS CHURCH, Va., CSC (NYSE: CSC) announced today that it has signed a ten-and-a-half year master service agreement with Zurich Financial Services Group (Zurich) for data center and information technology (IT) infrastructure managed services. The master service agreement provides the framework for country specific agreements to be subsequently entered into by the local entities of each party. The master service agreement will become effective upon the signing of the first country specific agreement. The contract covers global data center centralization and server virtualization and is designed to transform Zurich’s existing data center environment into a fully modernized, flexible and highly virtualized operation.
The potential total contract value is estimated to be up to $2.9 billion assuming the successful negotiation of all anticipated country specific agreements and the provision of the full scope of services in all the planned countries over the initial ten-and-a-half year term. Services are expected to commence under the master service agreement and one or more country specific agreements in the first half of 2010. All of the agreements are subject to regulatory and other approvals and notifications, including consultation of relevant workers councils.
Under the terms of the agreement, depending on the country specific agreements entered into, up to approximately 1,000 Zurich employees will potentially transition to CSC during the first half of 2010.
The relationship between Zurich and CSC began in July 2004 when the companies signed a seven-year, $1.3 billion applications outsourcing contract. In 2008, the scope of work expanded to include desktop services in Europe and North America.