IDFC PE-II, a venture fund of Infrastructure Development Finance Corporation, has picked up 22% stake in the Seaways Shipping, for Rs 1.20 billion, reports Business Line.
Seaways Shipping is one the leading maritime operators in the country, providing a range of shipping and logistics services.
It is learnt that IDFC and JP Morgan had been in discussion for funding Seaways for some time, but the deal was finalized only about a week ago.
The investment was made out of IDFC`s second fund, which has a corpus of USD 440 million. Seaways is the second investment out of the fund in the current financial year.
IDFC is now looking to raise a third fund, with a corpus of around USD 700 million.
Source: My IRIS