TPG Venture to buy 2 IT firms

Texas Pacific Group's arm TPG Ventures is finalising its maiden investment in Indian IT space. It is expected to acquire two software companies in India for about $40 million this year.

Vivek Paul, who has recently joined TPG Ventures as a partner, will drive the firm's investment plans in India. The group's private equity arm Newbridge capital is expected to invest over $100 million in a single deal in Indian telecom and infrastructure space within the next 12 months.

"We are working to conclude the deal in 2005. Normally we pick up a stake that can range from 30 to 100 per cent," Puneet Bhatia, MD, Newbridge Financial Advisors said.