Osian is a pioneering arts institution based in India which is creating a new infrastructure and model for Indian, Asian and Arab arts, cinema and culture.
The investment in Osian's, made through the Abraaj Buyout Fund II (ABOF II), highlights Abraaj's continuing support for and investment in cultural and educational initiatives, and further builds on the diverse portfolio of the company.
Osian's is a unique institution at the forefront of a resurgence of the arts in India, having extensive expertise and following the highest international standards in its auction house, the Osian's Art Fund & Wealth Management Services for Art Division, the Publishing & Design House, the Literary Agency, the Film House, and its pivotal Centre for Archiving, Research & Development (CARD).
Abraaj's equity participation and board representation will support and accelerate Osian's continued growth and will assist with the rapid business expansion and ongoing institutionalization underway at Osian's.
Arif Naqvi, Vice Chairman and Group Chief Executive Officer of Abraaj Capital, said: "Indian, Asian and Arab art is experiencing a period of historic change and development, and the cultural and financial opportunities are phenomenal. We are delighted to join the outstanding shareholder base of Osian's and to support Neville in his vision of creating an institution that provides an infrastructure for broad access to the arts in the widest sense whilst also demonstrating that this can be financially viable and attractive."
Stating the rationale, Neville Tuli, Founder, Chairman and CEO of Osian's, said: "Since the inception of Osian's, we have sought to create a world-class infrastructure-building institution that takes a leadership position in key artistic and cultural sectors, demonstrating that a knowledge and creativity driven approach can also generate great wealth for the collective, let alone the institution. The unique internally cross-subsidized framework eventually creates a systematic and self-sustaining revenue model without pushing creativity into short-term commercial compromises, so facilitating its developmental potential rather than minor trading opportunities. Osian's plan to become the first arts and cultural institution to publicly list is on schedule for 2009. "
Tuli added: "Abraaj's partnership will further facilitate the expansion of Osian's while providing Abraaj with an ideal growth opportunity in the fast-growing art and culture sphere."
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Abraaj Capital acquires strategic minority stake in Osian's, leading Indian arts institution
- United Arab Emirates: Monday, March 17 - 2008 at 16:10
- PRESS RELEASE
Abraaj Capital, the premier investment firm specialising in private equity investment across the Middle East, North Africa and South Asia (MENASA) region, has acquired a strategic minority stake in Osian's Connoisseurs of Art Private Limited (Osian's).
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About Osian's: Osian's as a pioneering infrastructure building arts institution, has systematically redefined the awareness, respect and value of the Indian Modern and Contemporary fine and popular arts. Additionally, having reinvented the relationship between creativity-knowledge-wealth and the structured processes required to simultaneously create both knowledge and value, it has helped transform attitudes and mindsets.The unique expertise and vast historic and financial archives built up by Neville Tuli and Osian's, has made it possible to create credible benchmarks and knowledge bases for the art market over a sustainable period of time, allowing a systematic entry for the financial investor in the world's most exclusive and knowledge-centric market. With its Auction House, the Art Funds, Art Advisory Services, the Centre for Archiving, Research & Development (CARD), Osian's- Cinefan (the Arab & Asian Film Festival), the Literary Agency, the Publishing & Design House, fFOOD: the Film Fund and the forthcoming multi-cultural complex The Osianama, Osian's has established itself at the highest international standards as a uniquely integrated cultural institution. Osian's aspires to be the world's first arts and cultural institution to become a Public Limited company. For further information please visit www.osians.com.
About Abraaj: Based in Dubai, Abraaj Capital is the premier investment firm specializing in private equity investment in the Middle East, North Africa and South Asia (MENASA) region. The management team has brought together some of the most compelling and successful transactions in the history of leveraged acquisitions across the region. With US$5 billion of assets currently under management, Abraaj has pioneered institutionalizing private equity practice in the region and is setting trends and benchmarks for others to follow.
Winner of industry awards including 'Middle Eastern Private Equity Firm of the Year' from Private Equity International (2005, 2006 & 2007), the Banker Middle East Award for 'Best Private Equity House' in 2006 and for 'Outstanding Contribution to Financial Services' in 2007 and 'Best Private Equity House' at the World Private Equity Awards, MENA in 2007. Arabian Business recognized Abraaj among the 50 Most Admired Companies in the GCC in 2007. Abraaj is also the first pure private equity firm to be registered by the Dubai Financial Services Authority to operate out of the Dubai International Financial Centre.
Apart from managing its five private equity funds, Abraaj Capital Holdings Limited (ACHL) itself is extremely well capitalized, with an issued share capital of US$ 1 billion. Its 135 professionals come from 27 nationalities and achieve a coverage that spans the MENASA region. For more information please visit www.abraaj.com
For further information, please contact:
Nicholas Nesson / Rick Todd / Ghaleb Zeidan
ASDA'A Public Relations
Exclusive Affiliate of Edelman, Middle East & North Africa
Dubai, UAE
Tel: 971-4-3355969
Fax: 971-4-3356080
Posted by Lara Lynn Golden, News EditorMonday, March 17 - 2008 at 16:10 UAE local time (GMT+4)
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