Srei Infrastructure Finance has acquired a 76 per cent stake in an Andhra Pradesh government promoted venture fund. Srei has picked up stake in Hyderabad Information Technology Venture Enterprises Ltd (HITVEL), a venture capital fund set up in 2000 by the Andhra Pradesh Development Corporation, the Andhra Pradesh Industrial Infrastructure Corporation and the Small Industries Development Bank of India. The financial terms of the deal are not known.
HITVEL's first fund had a corpus of Rs 15 crore ($3.6 million), and has invested about Rs 12 crore in seven IT companies from this fund. Its second fund had a corpus of Rs 50 crore ($12.5 million).This is the second instance of acquisition (or merger) of a venture fund in India. In May last year, WestBridge Capital Partners merged with Sequoia Capital to form Sequoia Capital India.
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