Icici Bank Arm To Bid For Eil With Sun F & C

In the first instance of financial investors coming together to acquire a public sector unit, ICICI Venture Funds Management Company, a subsidiary of ICICI Bank, has been roped in by Sun F&C to become part of the consortium of financial investors bidding for Engineers India Ltd (EIL). Citigroup, New Bridge Capital and CDC are the other members of the consortium.

The divestment process in EIL has reached an advanced stage and many bidders, including the consortium headed by Sun F&C and ICICI Venture, have already completed their due diligence. The divestment process is likely to be completed by October.

Sources said the rationale behind Sun F&C opting for ICICI Venture was the latter