GVFL Ltd has announced divestiture of its holding from Scicom Technologies Private Limited, a Noida based leading provider of Onsite and Offsite product development services and technology consulting in Oil and Natural Gas industry. In 2000, GVFL invested INR 15 million in Scicom from GVCF 1995 (Gujarat Venture Capital Fund).

This divestment for GVFL marks the successful divestiture from the 46^th of its 58 investments. GVFL has made 20% IRR from this divestment.

“GVFL invested in Scicom technologies based on the potential foreseen in both technology and E&P industry. Since our investment, we have supported Scicom in becoming a 400 Engineers company with presence throughout the world and turnover in excess of $12 million.” Says Mr Vishnu Varshney, CEO of GVFL 

With a thrust on divestment and consolidation of good investee companies, GVFL has made successful divestments from small start up technology companies in the past year, which is a very difficult feat to achieve for most of the venture capital firms. 

Sourced From: Torque Communications Private Ltd