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Satyam fiasco not to affect our investment in India: Intel Capital
January 14, 2009 16:21 IST
Intel Capital, part of the world's largest chip maker, said on Wednesday that its investments in India will not be affected by the Satyam [Get Quote] episode and that such incidents happen in every country.
"It shouldn't," Intel Capital Managing Director for India, Japan, Australasia and south-east Asia Sudheer Kuppam told reporters when asked if the Satyam episode would impact Intel Capital investment in India.
He said, "Don't single out India for that. What about Madoff in the US? You have scam and scandal everywhere."
The company on Wednesday announced an investment of $23 million (about Rs 1.15 billion) in three Indian companies -- Indiamart.com, One97 Communications and Global Talent Track. However, figures were not disclosed.
Indiamart.com is India's largest online business-to-business marketplace, while One97 Communications provides telecom-managed, value-added services. GTT is a vocational education institute.
The funding will come from the $250 million Intel Capital India technology fund. The fund invests in Indian technology companies to help stimulate local technology innovation.
Intel Capital invested around $50 million last year in nine Indian companies; six of these were new investments.
Kuppam said the company sees the global crisis as a good opportunity to invest in companies which are available in good valuations. He added that the company will also invest in Indian telecom companies after they obtain spectrum, but refused to give any investment figures.
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