India Value Fund (IVF), a leading private equity fund with an excess of $1.3 billion under management, will get Rs 2,500 ($500 million) crore for its India Value Fund IV. The investment will come from Indium Mauritius, a wholly owned subsidiary of Mauritius-based Indium IV Mauritius Holdings Ltd.
The Cabinet Committee on Economic Affairs (CCEA) has approved the fund raising following a petition submitted by Indium IV Holdings, said a PIB statement. In November, the Foreign Investment Promotion Board (FIPB), the nodal body that clears foreign investments, had referred the proposal to the CCEA as the FDI value was above the threshold limit.
India Value Fund IV, in which Indium investment is coming in, made its close at $725 million in July 2009. Prior to this, IVF had closed its third fund at $400 million in January 2007, second fund at $175 million in 2005, and the first fund at $35 million in 2000.
IVF’s portfolio companies include RDC Concrete India, a Mumbai-based ready mixed concrete company; Robo Silicon Ltd, manufacturer and supplier of construction aggregates; Music Broadcast Private Ltd, which runs FM channel Rediocity 91.1; and SFO Technologies, end-to-end design, engineering and manufacturing services for hardware and software products.