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Axis PE invests Rs142 cr in two companies

Axis PE invests Rs142 cr in two companies
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First Published: Mon, Jun 09 2008. 06 15 PM IST
Updated: Mon, Jun 09 2008. 06 15 PM IST
PTI
Mumbai: Axis Bank’s private equity arm, Axis PE, said it has invested Rs75 crore and Rs67 crore in Neesa Leisure Ltd and Corrtech International Pvt Ltd respectively.
These investments further reaffirm Axis PE’s commitment to invest in companies involved in infrastructure development of the nation — hospitality, railways, development of oil and gas pipelines, water supply and sanitation, a statement said here.
Neesa Leisure develops and operates resorts and hotels under the ‘Cambay´ brand name. The company currently manages three properties and plans to have seven properties in the next three years spread over five cities in western India.
Corrtech is an Ahmedabad-based company involved in a number of high-growth business segments linked to oil and gas transportation infrastructure and repairs and services gas turbines.
Axis PE’s Managing Director and CEO Alok Gupta said that “We are very pleased to announce the closure of these investments. Both these investments fall in line with our vision and mission of investing in high-growth potential sectors.”
Axis PE recently announced the first closure of its Axis Infrastructure Fund (AIF) at Rs 600 crore. Its eventual targeted corpus was Rs2,000 crore.
AIF will seek and participate in growing infrastructure and infrastructure enabling companies through equity investments with a minimum deal size of $20 million, the statement said.
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First Published: Mon, Jun 09 2008. 06 15 PM IST