The Hindu Business Line : GVSL sells stake in Lokesh Machines

GUJARAT Venture Finance Ltd (GVFL) has announced that it has shed its stake in Lokesh Machines Ltd, a Hyderabad-based company which makes special purpose machines.

In a press release here, GVFL said it had invested Rs 2.2 crore in Lokesh Machines in 1996 from its second fund.

This was one of GVFL's first investments in the machine tool segment. The venture capital company said it has made a successful exit through sale to strategic investor.

"Lokesh machines has grown from Rs 5 crore to Rs 62 crore since our initial investment. GVFL had not only helped with fund raising for Lokesh Machines, but also had encouraged corporate governance practices and streamlining of systems and processes along with strengthening of internal processes and control systems of the company," the GVFL CEO, Mr Vishnu Varshney, said.

GVFL has so far divested 40 of its 56 investments made by its first four venture capital funds.

During the current year, GVFL proposes to invest in a few good ventures from its Gujarat IT Fund and also focus on exiting non-profit companies and maximising redemptions from existing funds, the release said.

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