International Finance Corporation, the private equity venture of the World Bank Group, DEG, one of the largest European development finance institutions, are eyeing a stake in State Industrial Corporation of Maharashtra, the investment arm of Maharashtra government.
With the Specified Undertaking of Unit Trust of India planning to fully divest its 36.5 per cent n SICOM, it is learnt that both IFC and DEG have approached the investment banker appointed by SU-UTI for the divestment. UTI AMC holds another 3.5 per cent in the corporation.
Sources said Standard Chartered Private Equity, Lehman Brothers, Temasek and a couple of hedge funds may also be interested in picking up stake in Sicom.
However, foreign banks are likely to stay away from the stake sale as they could acquire only a maximum of 10 per cent in a non-banking finance company, as per the Reserve Bank of India guidelines.
More than the financial investment, a stake in Sicom
would be of strategic nature as it is a profit making company, said investment banking sources. SU-UTI plans to float a tender this week inviting bid from investors. Both IFC and DEG finance and provide advice for private sector ventures and projects in developing countries in partnership. _arti_inline_advt">
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