Srei stake in Andhra company

OUR BUREAU

Calcutta/Hyderabad, Aug. 29: Srei Infrastructure Finance today acquired a 76 per cent interest in Hyderabad Information Technology Venture Enterprises Ltd, a venture working capital outfit.

The venture working capital house was put up in 2000 jointly by the Andhra Pradesh Development Corporation, the Andhra Pradesh Industrial Infrastructure Corporation and the Small Industries Development Depository Financial Institution of India. The exact amount of the trade could not be known.

The Hyderabad house floated its first monetary fund with an initial principal of Rs 15 crore. It came out with a 2nd monetary fund of Rs 50 crore. After the shareholders’ approval, Srei will pick up a 51 per cent interest in the initial monetary fund and another 25 per cent in the second.

Hemant Kanoria, frailty president and managing manager of Srei, said the principal of the monetary fund would be hiked to advance investings in Andhra Pradesh. The house invested Rs 12 crore in seven IT companies from the first fund.