ICSA approves foreign investments worth $ 52 mln

Hyderabad, Feb 12 (UNI) ICSA (India) Ltd, an embedded technology and electrical infrastructure solutions provider for power, oil and gas sectors, has approved foreign investments to the tune of 52 million dollars in the company.

Citigroup Venture Capital International Growth Partnership Mauritius Ltd (CVC) would acquire around 14 per cent stake in the company, with an investment of 30 million dollars. In addition to this, CVC would join the company's board of directors.

Global investment banking, securities and investment management powerhouse Goldman Sachs would invest 22 million dollars in ICSA through foreign currency convertible bonds.

The current FII holding in ICSA is 25.37 per cent, according to a statement.

ICSA India also bagged two projects from Andhra Pradesh power distribution companies, amounting to Rs 30.37 crore.

The Andhra Pradesh Central Power Distribution Company Ltd has awarded contracts to ICSA worth Rs 12.8 crore in the circles of Kurnool and Nalgonda.

The company has also bagged contracts from the Andhra Pradesh Eastern Power Distribution Company Ltd, Visakhapatnam and Vizianagaram, for Rs 17.57 crore.

UNI