ICSA gets Citigroup and G. Sachs as foreign investors

By siliconindia   |   Thursday, 18 January 2007, 06:00 Hrs
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Hyderabad: ICSA (India), embedded technology and electrical solutions provider for the power, oil and gas sectors, has got approval for foreign investment to the tune of $52 million from two major firms.

Citigroup Venture Capital International Growth Partnership Mauritius Ltd. is acquiring 14 per cent stake in the company and investing about $30 million. The price of the shares allotted to Citigroup has not been disclosed.

Goldman Sachs, will be investing $22 million through FCCBs (foreign currency convertible bonds) in ICSA.

However, ICSA proposes to meet its growing working capital needs and R&D-related capital expenditure and for creating infrastructure with the funds.

G. Bala Reddy, ICSA Chairman and MD, said the company planned to utilize the investment for positioning itself as a global player in technology solutions for the power and oil sectors.

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