GVFL announces final closure of Golden Gujarat Growth Fund – I with a corpus of Rs. 426 Crore

Ahmedabad, DeshGujarat

GVFL Ltd. today announced the final closure of its Golden Gujarat Growth Fund – I, which is as on 17th December 2014 with a corpus of Rs. 426 crore.

The Fund life will be 6 years from the date of closing and exit is expected through secondary sale, promoter buy back, SME stock exchange listing.

The Fund is expects to provide returns to the tune of 20% + to its investors in time. Investments are mostly done through equity and structured products. The focus of investment is Private Industrial Park, Renewable Energy (wind and solar), urban infrastructure etc.

The Fund has made 4 investments:

A.Ratnakar Estate Developers Pvt Ltd – A private Industrial Park near Por Industrial Estate, Vadodara

B.Hubtown Ltd. Renovation of Bus Station cum Commercial complex at 4 centres in Gujarat namely Ahmedabad, Surat, Vadodara, Mehsana

C.Development of a 36 MW Windfarm Project of SITAC RE at Jasdan, Amreli, Gujarat

D.Ushdev Power Holdings Private Ltd. (UPHPL) for acquiring operating wind power assets

The Golden Gujarat Growth Fund was originally sponsored by Govt. of Gujarat in 2011 and investors in the Fund include Govt. of Gujarat, LIC of India, SIDBI, SBI, BoB, IFCI, UBI, Central Bank of India, Dena Bank, Bank of India, Syndicate Bank, SBH, SBM, SBT, NABARD, GIC,Oriental Insurance, New India Assurance and United India Insurance.

The Fund has also developed a pipeline of projects and very soon intends to invest in a Solar Power project and one in an urban infrastructure project. The team is headed by Dr. Harish Pattnaik, Director & CEO, GVFL, a veteran Banker and Private equity professional supported by 5 other investment officials.

GVFL Board is now chaired by Shri G. C. Murmu, IAS, CMD, GIIC Limited. Other directors include Shri Maheshwar Sahu, Retd. ACS (Ind. & Mines Dept., Govt. of Gujarat), Shri S. B. Dangayach and Shri S. C. Sahasrabudhe.

About GVFL :

GVFL Limited (formerly Gujarat Venture Finance Limited) is widely regarded as pioneer of Venture capital in India. It is an independent, autonomous Board managed venture finance company based in Ahmedabad, Gujarat, India. Over the past two decades GVFL has spawned seven Funds which have supported more than 80 companies. Unique feature of GVFL’s approach has been its broad spectrum support to its funded entities that ranged from strategic direction to governance support.

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