Jupiter is to launch an onshore Indian equity fund for recent recruit Avinash Vazirani. The group confirmed the launch is planned for the first quarter of 2008. It will be the third onshore India vehicle to come to the UK market following funds from First State and Neptune. Vazirani joined Jupiter in June from Peninsular Capital Partners along with three members of his team. He ran Pensinsular Alpha – a long/short hedge fund he continues to manage at Jupiter – and Peninisular South Asia Access. Jupiter has FSA approval for the fund and is awaiting the green light from Indian regulators before formally launching the vehicle. Meanwhile, the group has shelved its plans to launch an investment trust for income manager Antony Nutt.   more »

Ruia group's Dunlop India Ltd has raised $90 million (Rs 360 crore approx) from a clutch of offshore hedge funds to restructure loan and to meet other corporate needs in a structured deal which offers them an option to pick up to 15 per cent stake in the tyre maker's paid-up capital. "We have recently signed a deal with a clutch of offshore hedge funds headed by Spinnakar Capital Group to raise USD 90 million in loans. We have also raised Rs 121 crore in Rupee loan from Deutsche Bank," Dunlop Chairman Pawan Kumar Ruia said. The loan was raised by the Mauritius-based holding company of Dunlop and Falcon Tyres, Dil Rim and Wheel (DRW), which bought both the company from Chabbrias' at a total consideration of Rs 200 crore. To facilitate the loan, DRW has gone into some structural change with the assets of the company. Dunlop transferred its 'non-core' assets into two subsidiaries and shares of these two units were pledged to two other firms controlled by DRW, which in turn had been pledged to Spinnakar Capital.   more »