A private equity fund managed by Templeton Asset Management has bought a 5.3 percent stake in India's Shiv-Vani Oil & Gas Exploration Services to help the latter expand globally, Templeton said on Monday.
The Templeton Strategic Emerging Markets Fund III invested $20.6 million in Shiv-Vani in exchange for the stake, the fund manager said.
“Our investment will fund the ongoing equipment and technology needs that will make Shiv-Vani a force to reckon with in the global arena for exploration services,” Templeton Executive Chairman Mark Mobius said in a statement.
Source: Reuters