IFC to back Lighthouse's SPV to acquire stake in footwear firm Aqualite Ind

Lighthouse to invest Rs 2.5 bn to acquire minority stake in target firm, which has a strong presence in northern and easterm India, and can produce 300,000 pairs of fotwear a day

The World Bank's investment arm, International Finance Corporation (IFC), is planning to invest around $10 million in a special purpose vehicle (SPV) floated by PE firm Lighthouse India Fund, which is acquiring a minority stake in Aqualite Industries, a mass-market footwear company. Lighthouse India Fund III, an affiliate of private equity firm Lighthouse Advisors, has committed to invest over Rs 2.5 billion ($35 million) for the stake in Aqualite Industries.

IFC said i n a statement that MUSE Capital Advisors Limited (Lighthouse) offered it a co-investment opportunity in Aqualite Industries Private Limited, through its fund. The World Bank affiliate is