ICICI Venture exits from Va Tech Wabag

ICICI Venture Funds has sold 5% of its stake in Va Tech Wabag to Japan-based Sumitomo Corporation for around Rs 68 crore.

The fund has exited with almost 10 times its investment. Sumitomo Corporation has bought the stake from the venture funds, according to a company’s senior official. ICICI Venture Funds had invested around Rs 60 crore for a 75 per cent stake when it supported a management buyout in 2005.

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