Promethean India, a part of the UK-based private equity group Promethean Plc, has acquired 8% stake in Mumbai-based Nitco Tiles. The acquisition has been made through P-notes, but the deal size was not disclosed.
Promethean India has applied for an FII licence, and hopes to get it soon with Sebi liberalising the norms for FII registration.Promethean India is managed by Mohit Burman and Sir Peter Bert, former chairman of ITV.
Promethean raised $150 millon from London's AIM in April this year.This is the maiden fund floated by the UK-based group and has invested in three companies so far - Mahindra Forgings and a mobile bill payment company Obopay.
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