Canadian asset management group Core Partners Inc. is investing $6.4 million to pick a significant minority stake in one of the investment arms of the public-listed private equity firm IndiaCo Ventures Ltd.
The BSE-listed firm has said on Monday that it has entered into a definitive investment agreement with ColMac International Ltd, Mauritius, to invest in one of IndiaCo’s aggregation vehicles. ColMac is the Mauritius-based subsidiary of Core Partners Inc., a Canadian investment group that focuses on investing in SMEs across Canada and Europe.
The proceeds raised by IndiaCo from the minority stake sale will be utilised for further investments in consumer-related businesses in India such as healthcare, media & entertainment and food services.
IndiaCo Ventures’ scrip shot up 7.3 per cent to close at Rs 23.35 at the Bombay Stock Exchange on Monday.
“This is their (ColMac) first investment in India and we hope that we are able to partner with them extensively on further investments over the coming years. We believe in the Indian consumers and are particularly excited with the opportunities presented by the media & entertainment industry,” said Rahul Patwardhan, managing director of IndiaCo Ventures.
In February this year, IndiaCo had also floated IncuCapital, a hybrid venture capital company that incubates and funds start-ups. It works with various academic institutions and has set up base incubators across different domains like management, engineering, medicine/pharma, law and hotel management.
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