|
| TVS Capital buys over 35% in 2 facility mgmt cos |
| Press Trust of India / Mumbai Nov 10, 2009, 20:06 IST |
|
Private equity firm TVS Capital managed TVS Shriram Growth Fund I today said it has picked up a little over 35 per cent stake in two facility management service firms for about Rs 35 crore.
TVS Shriram Growth Fund I is a Rs 600 crore domestic rupee fund, which is managed by Chennai-headquartered TVS Capital Funds.
The private equity player also announced an investment into Bangalore-based Dusters Hospitality Services and Mumbai-based Total Solutions Facility Management.
The deal values the two firms together at Rs 100 crore.
"This investment aims to bring together Dusters and Total Solutions into a combined entity, which will have a footprint across both south and west India. The merger of the two companies has to be approved by the Bombay High Court," TVS Capital Funds Vice Chairman and Managing Director D Sundaram, told PTI here.
The merger is expected to be finalised in the next 60- days. The PE player has appointed Pradipta Mohapatra as Venture Advisor with the Fund.
Dusters Hospitality is the first investment of the fund in the business services segment.
"We are talking to several companies at the moment. We have a corpus of Rs 600 crore and can do 10-12 deals each in the size of about Rs 40-60 crore," TVS Capital Funds Chairman and Managing Director Gopal Srinivasan said.
|
|
|
|
|
|
|
|
|
|
 Read Business news in |  |
|
|
|
|
|
|
Advertisements |
|
|
|
|
|
|
|
|
|
Content Guide
