Citigroup Venture Capital International Mauritius Ltd (CVCIML), the private equity arm of Citigroup, and Indu Projects Ltd (IPL), Hyderabad have on Monday signed definitive agreements for an investment of Rs 150 crore ($33 million) by CVCIML into IPL.
"The investment and commitment by CVCIML strengthens the growth strategy of IPL over the last five years. We look at this as a long term alliance with them, which will benefit us in a strategic manner" said Mr I. Syam Prasad Reddy, the Chairman and Managing Director, IPL.
DSP Merryll Lynch was the sole financial advisor to IPL on the transaction in which IPL priced each share at Rs 1,214, according to a company press release.
IPL is an infrastructure and real estate company with revenues of Rs 312 crore. It is focused on urban infrastructure such as gated community projects, industrial parks, information technology parks, and commercial buildings.
Citigroup Venture Capital launched a $1.6 billion fund in 2005 to make private equity investments, primarily in companies seeking to profit from the growth in Greater China, India and Emerging Europe.
It manages over $3.5 billion in equity investments and committed capital in Asia, Central and Eastern Europe and Latin America.
Taken from Business Line
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