GVFL divests stake in Scicom Technologies

New Delhi, Dec 26 (UNI) GVFL Ltd today said it has decided to divest its holding from Scicom Technologies Pvt Ltd, a Noida-based leading provider of Onsite and Offsite product development services and technology consulting in Oil and Natural Gas industry. In 2000, GVFL invested Rs 1.5 crore in Scicom from GVCF 1995 (Gujarat Venture Capital Fund).

This divestment for GVFL marks the successful divestiture from the 46th of its 58 investments, a company statement said.

GVFL has made 20 per cent Internal Rate of Return (IRR) from this divestment.

''GVFL invested in Scicom technologies based on the potential foreseen in both technology and E&P industry. Since our investment, the company has supported Scicom in becoming a 400 engineers company with presence throughout the world and turnover in excess of 12 million dollars,'' company's CEO Vishnu Varshney said.

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