India's Microland to raise US$10 million for ITspace.com

NEW DELHI, 26 May 2000 (Asia Pulse) - India's MicroLand Group plans to raise US$10 million for its Internet company ITspace.com and is talking to various institutional investors including GE Caps and ICICI Ventures for this.

The group is also looking at making one of its subsidiaries public by March 2001, a senior company official said. "We plan to go for the first round of funding for our technology portal ITspace.com by June this year to raise seven to ten million dollars. We would approach the group's existing institutional investors for the placement," Pradeep Kar, chairman of Microland Group said.

Institutional investors in Microland's various group companies include Chase capital, GE capital, ICICI Ventures, NewsCorp and IL&FS, Kar said.