The term sheet with Flipkart could be signed within this week and the due diligence for the deal would commence immediately thereafter.
The equity firm has signed a definitive agreement to acquire 2.11 per cent stake for a consideration of about Rs 252 crore (Rs 2.52 billion) in the National Stock Exchange of India Ltd, Norwest Venture Partners said. This would be the first FII investment under new policy subject to the regulatory approval, it said.
US-based venture capital firm Norwest Venture Partners recently raised a $1.2-billion fund. It is one of the few large funds to be raised in recent times. Managing Partner Promod Haque says NVP took less than a month to raise the fund. The fund is almost double the size of its last fund of $650 million raised in 2006.
Global technology venture capital firm Norwest Venture Partners, has announced the formation of $650 million fund.
An industry source said Reliance Industries did not have a controlling stake in Yatra.com through its acquisition of Network 18. It was just a financial investment.
Swiggy, a Bengaluru-based food ordering and delivery start-up, says it aims to revolutionise this segment.
Ritu Jha/Rediff.com reports from California on the largest TieCon ever.
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