eVentures to invest $100 mn in India

eVentures India Holdings Private Limited will invest $75-100 million in 10-15 Indian Internet firms in the next year, its chief executive said on Monday.

"We have so far invested $65 million to $70 million in 14 Indian companies," Neeraj Bhargava said in Bangalore.

"Of these we hold a majority stake in three companies but as more investment comes in, our ownership will decrease," he said. eVentures India is a joint venture of Japan's Softbank Corp, ePartners, a subsidiary of Rupert Murdoch's News Corp and P K Mittal of India's Ispat Group.

Earlier, eVentures India announced an investment of $2 million in Bangalore-headquartered Junction 96, a national chain of Internet parlours.

A statement from eVentures said that Junction 96 plans to run 100 Internet parlours by December 2000 from the 45 currently operational in six Indian cities.

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