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Friday, October 13,2000


IDEA , IEP and GSC Launch eTEC Ventures LLC

International Equity Partners, LP (IEP) Washington DC area venture capital firm Indian Direct Equity Advisors Pvt. Ltd.(IDEA) a Mumbai based announced the launch of their second India-focussed venture capital fund, eTEC Ventures LLC (eTEC).GSC partners, a global $3 billion private equity firm, leads eTEC's group of investors with a $25 milion capital commitment.eTEC will remain open for additional subscriptions through March 2001. eTEC is a Mauritius domiciled limited liability company that will invest in new and existing ventures in the technology, entertainment and communication sectors. eTEC will invest primarily in Indian companies but also in ventures in the US and other countries that benefit substantially from the huge mindpool of technology skilled labor available in India. eTEC will typically take substantial minority stakes in its target companies and pursue addition stratgies to help acquire customers, establish strategic alliances, and secure further rounds of financing.