IndiaCo Venture Ltd (IVL), a Pune-based listed entity involved in private equity (PE) operations, will launch a global fund titled IndiaCo global opportunity fund. It hopes to raise about $250 million from investors in the US and Europe through this fund.
IVL, which expects the first closure of the Mauritius-based fund within six months, will invest it in companies in the areas of food processing, high-end engineering and clean energy.
The company is also set to acquire a majority stake in a clean-energy firm as part of expanding its subsidiary, IndiaCo Clean.
IVL will raise about Rs 100-150 crore for the expansion of IndiaCo Clean by diluting 15-20% stake in it.
“The deal is expected to be closed in a couple of weeks,” Rahul Patwardhan, vice chairman and MD, IVL, told FE.
The parent company also plans to dilute a smaller part of stake in IndiaCo Telecom, its $30-million telecom fund, in the near future. It had launched the fund as part of acquiring controlling stakes in small value-added companies in the telecom sector.
It had roped in Prithipal Singh, former MD of BSNL, to head the fund. IndiaCo had acquired stakes in the telecom space in companies such as the Bangalore-based telecom software company Verity Technologies Pvt Ltd (25.6%) and Pune-based Info Dynamic Telesysytems Pvt Ltd (33.5%) under that initiative.
Recently, IVL acquired a 20% stake in Laser Cosmetics Private Ltd, a firm which runs clinics conducting cosmetic surgery services.
IVL operates as three groups — investment group, venturing group and advisory group. On Friday, IVL shares went down by 4.6% or Rs 24.45 to close at Rs 502 on the Bombay Stock Exchange.