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Thursday, April 24, 2008

IDFC arm to raise $700m
Indian infrastructure specialist IDFC Private Equity is raising a new $700 million fund to buy stakes in firms expected to thrive as the country modernises its rag-tag power and transport networks.

IDFC's MD for investment, Satish Mandhana, said fund would close in the next two to three weeks, with 85% of money from abroad. Foreign investors are increasingly drawn to Indian infrastructure, as government estimates about $500 billion will be needed to build new roads, ports, airports and power plants by 2012 to keep pace with a fast growing economy.

Around 30% of that spending is expected to come from private sector, with rest split between federal and state governments.

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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Thursday, Jul 17
07:00 Unemployment Rate s.a. 3 4.3% 4.1% 4.1%
07:00 Full-Time Employment 2 -38.2K 41.9K Revised from 38.7K
07:00 Employment Change s.a. 3 2.0K 20.0K -1.1K Revised from -2.5K
07:00 Part-Time Employment 2 40.2K -43.0K Revised from -41.2K
n/a National Australia Bank's Business Confidence (QoQ) 2 -4
11:30 Average Earnings Including Bonus (3Mo/Yr) 2 5.0% 5.3%
11:30 Average Earnings Excluding Bonus (3Mo/Yr) 2 4.9% 5.2%
11:30 Trade Balance 1 3,831M
11:30 Exports (MoM) 1 23,300M
11:30 Imports (MoM) 1 19,469M
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