GVFL to make 4 investments in IT, biotech sectors

New Delhi, Feb 7: Venture finance company GVFL Ltd, which has divested from six investee companies, today announced its plans to make four investments at seed and early stage in information technology and biotechnology sectors in 2007.

The company will make these investments from the Rs 20 crore Gujarat IT Fund and Rs 50 crore Gujarat Biotechnology Venture Fund (GBVF).

''We are currently evaluating several interesting proposals including some from IIM-A incubator and NirmaLabs. We would soon be finalising for investment. In 2006, our thrust was on divestment and consolidation of good investee companies and we had taken up opportunities wherever we could see an opportunity of making good returns,'' GVFL Chief Executive Officer Vishnu Varshney said.

In 2007 along with scouting for good investment opportunities GVFL will continue its focus on divestments.

''We have some exciting companies in our portfolio like eInfochips, Icenet and Anupam globalsoft from which, we would look at divesting in 2007 as these companies have matured and would give us optimum returns,'' Mr Varshney added.

Last year, GVFL has divested from investee companies namely Saraf foods Ltd, Scicom Technologies, Parsec Technologies, Broadcast Worldwide Ltd, Technology Media Group Pvt Ltd and Apex Electricals Ltd.

The exits have been made through strategic buyouts by promters or other investors. GVFL, formerly known as Gujarat Venture Finance Limited, has also profitably closed its first fund -- GVCF 1990.

Over the 16 years of its inception, GVFL Ltd has raised five venture capital funds with a combined capital of Rs 140 crore, which is invested in 58 companies across the country.

UNI