GVFL divests stake in Parsec Technologies

New Delhi, Aug 21: Ahmedabad-based GVFL Ltd has announced divestiture of its holding from Gurgaon-based call center solutions provider Parsec Technologies Ltd.

This is the 44th divestment of the venture capital firm out of its 57 investments, with a number of successful divestments in the last fiscal, including Saraf Foods and Lokesh Machines.

GVFL invested Rs 5 crore in two phases in Parsec Technologies in 1998.

''GVFL invested in Parsec as it saw an opportunity in the growing awareness of Computer Telephony Integration (CTI) market with economic liberalisation. This coupled with the privatisation of the telecom sector showcased a strong horizon for computer telephony products and services,'' GVFL CEO Vishnu Varshney said.

GVFL is exiting the company after eight years by helping Parsec identify a private equity investor who is interested in funding Parsec's business and has interests in the underlying sector.

Formerly known as Gujarat Venture Finance Ltd, GVFL is currently in the process of raising a Rs 50 crore biotech fund and Rs 100 crore SME Fund.

''We are in the process of evaluating few start up proposals with innovative technology and hope to finalise our first investment from the biotech fund soon,''Mr Varshney added.

Over the past 15 years, it has raised five Venture Capital Funds with a combined capital of Rs 132.14 crore which has been invested in 57 companies across the country including Deccanet, eInfochips, Icenet, Scicom, Net4Nuts and Neilsoft.

UNI