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'Satyam episode not to affect our investment'

PTI  New Delhi, January 14, 2009
First Published: 15:42 IST(14/1/2009) | Last Updated: 15:44 IST(14/1/2009)
Intel Capital, part of the world's largest chip maker, on Wednesday said that its investments into India will not be affected by the Satyam episode and 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 there would be impact on Intel capital investment in India after the Satyam episode.

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. 115 crore) in three Indian companies, Indiamart.Com, One97 Communications and Global Talent Track (GTT). However, figures were not disclosed.

Indiamart.Com is the 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 the Indian telecom companies after they obtain spectrum, refusing to give any investment figures.

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