GVFL Ltd., India’s pioneer venture capital company today announced its plans to make 4 investments at seed and early stage in IT and Biotech sector in 2007. GVFL would be making these investments from the Rs. 20 cr Gujarat IT Fund and Rs. 50 cr Gujarat Biotechnology Venture Fund (GBVF).

In the year 2006, GVFL has divested from 6 of its investee companies namely Saraf foods Limited, Scicom Technologies, Parsec Technologies, Broadcast Worldwide Ltd, Technology Media Group Pvt Ltd. and Apex Electricals Ltd. The exits have been made through strategic buyouts by promoters or other investors. GVFL has also profitably closed its Rs. 24 cr first fund i.e. GVCF 1990.

“We are currently evaluating several interesting proposals including some from IIM-A incubator and Nirma Labs, which we would soon be finalizing for investment. In 2006 our thrust was on divestment and consolidation of good investee companies and we had taken up opportunities wherever we could see an opportunity of making good returns” says Mr. Vishnu Varshney, CEO of GVFL Ltd.

In 2007 along with scouting for good investment opportunities GVFL will continue its focus on divestments. “We have some exciting companies in our portfolio like eInfochips, Icenet and Anupam globalsoft from which, we would look at divesting in 2007 as these companies have matured and would give us optimum returns,” adds Mr. Varshney.

Sourced From:  Torque Communications Private Ltd