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Oman-India fund invests $10mn in Chennai-based electronics firm

MENAFN - Muscat Daily - 28/08/2012


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(MENAFN - Muscat Daily) Oman-India Joint Investment Fund has invested around US10mn in Indus Teqsite Private Limited, a manufacturer of electronics products and systems based in Chennai, in the Indian state of Tamil Nadu.

A note from India-based Veda Corporate Advisors, which was the exclusive adviser to Indus Teqsite in the transaction, said that the investment would be used by Indus Teqsite to strengthen its production and technology infrastructure.

''Indus Teqsite raised private equity of R550mn (US10mn) from the Oman-India Joint Investment Fund. Indus Teqsite is one of India's premier product oriented electronics companies specialising in mission-critical products and applications for defence and aerospace,'' the note added.

Earlier this month, the fund had entered into an agreement with Solar Industries India, an Indian firm involved in the manufacture of industrial explosives, to buy a 4.28 per cent stake in the company for US13mn.

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