IL&FS Investment Managers Ltd (IIML) has reported revenues of Rs 181 crore with a net profit Rs 74 crore for FY10. The income increased by 10% to Rs 164 crore and net profit by nearly 20% to Rs 62 crore in FY09 as the firm attained final close of its joint venture infrastructure fund, said its annual report.
The PE arm of Infrastructure Leasing and Financial Services Ltd (IL&FS) has also opened an office in Dubai in the last one year. With this, it plans to leverage its fund management experience in other geographies and access larger pools of capital in the Middle East.
IIML, the only listed PE fund in India, plans to fully commit its three active funds in FY11 as per its annual report, and raise larger size funds in verticals like infrastructure, real estate and general purpose private equity funds. IIML is currently investing from $895-million IL&FS India Reality Fund II, $658 million Standard Chartered IL&FS Asia Infrastructure Growth Fund and $225 million Tara India Fund III.
The PE firm made 11 investments last year, which include six investments across infrastructure and general private equity with another five deals in real estate. These investments include companies like The Mobile Store, Ramky Enviro Engineers, among other. The PE firm was also able to make seven full exits, of which four came through trade sales. These include stake sales in Ecron Acunova and Bharat Serums to Orbimed, one of world’s largest lifesciences focused fund. Three portfolio companies like Den Networks, DB realty and IL&FS Transportation Networks were also listed this year.
Through its subsidiary IL&FS Urban Infrastructure Managers Ltd, IIML also provides long tenure term loans to infrastructure projects in Indian cities. This facility has a corpus of Rs 2,750 crore and IIML helps identify, disburse and monitor loan assets. IIML also said that the “challenging environment took a toll on some of our companies” and the “exit timeframe of these investments in expected to be longer.”
VCCircle also earlier reported that Tara India Fund IV plans to start fundraising by end of this year, targeting $300-4000 million fund.