The Hindu Business Line : ICICI Venture invests Rs 42.5 cr in Sangam

PRIVATE equity player ICICI Venture Funds on Wednesday announced that it has concluded its second investment in the textile sector from its Rs 1,100 crore India Advantage Fund by investing Rs 42.5 crore in Sangam (India) Ltd, a public limited company engaged in the manufacture of PV dyed yarn and fabric.

ICICI Venture's investment in Sangam is structured as a mix of equity and warrants. The final stake of India Advantage Fund will be finalised post the open offer to be announced shortly, ICICI Ventures said in a release.

Sangam is one of the largest PV fibre dyed yarn manufacturer in the country with a manufacturing facility at Bhilwara, Rajasthan, the release said.

The company had recorded a turnover of Rs 289.6 crore in the year ended March 31, 2005 and a net profit of Rs 14 crore during the period.

The ICICI Venture's Managing Director and Chief Executive Officer, Ms Renuka Ramnath, said: "Having achieved leadership position in the PV dyed yarn segment on the strength of its efficiently managed operations, Sangam is well positioned to address the global market opportunity and become a significant exporter."

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ICICI Venture invests Rs 42.5 cr in Sangam