Rabobank makes Indian PE investment
The India Agri-Business Fund (IABF), a private equity vehicle owned by Rabobank, has agreed to invest INR101.75 crore ($22.6 million) in National Collateral Management Services (NCMSL), alongside the International Finance Corporation (IFC) and four existing shareholders, Business Standard reports.
IABF and IFC will contribute INR34.50 crore ($7.6 million) and INR27.50 crore ($6.1 million), respectively. The other investors include Iffco, Karur Vysya Bank, Hafed and the National Commodity and Derivatives Exchange (NCDEX). Iffco is set to become the largest shareholder, with its stake rising to 20.6% from 14%.
NCMSL, a warehousing business affiliated to the NCDEX, needs capital to build a 600,000-metric ton warehousing network covering 45 locations in 12 states, and has already begun acquiring land. Its currently has 1 million metric tons in capacity spread across 700 warehouses in 16 states, all on lease. Direct ownership of its facilities should deliver higher profit margins.
The company is also negotiating with a consortium of six banks over a further INR200 crore required for the development.
IFC also invested in NCMSL in May 2010, committing $7.5 million in equity plus an additional $13 million in debt.
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