SIDBI Venture Capital to invest in engineering firm

Mumbai: SIDBI Venture Capital Ltd will invest about 10 crore in Pune-based Mitcon Consultancy and Engineering Services Ltd when the firm launches an initial public offer (IPO) in March to raise ₹ 25 crore, two people involved in the listing process said on condition of anonymity.

add_main_imageSIDBI Venture Capital will invest the money through a pre-placement process in Mitcon, which conducts environmental impact assessments for clients as well as procure clearances from the environment ministry. It is promoted by ICICI Bank Ltd, IFCI Ltd and Small Industries Development Bank of India (SIDBI) and earned a revenue of ₹ 60 crore in 2011-2012.