News Line

India Direct Fund (IDF), a private equity fund managed by International Equity Partners (IEP) has opted out of 3 Investments amongst the 10 Investments it has made in India so far. The three companies are Brain Gem, Alok Textiles and New World Application. IDF is said to have realised a cumulative return of $ 10 million on divestment against an original investment of $ 7.3 million. Next on the list is Secure Meters where the exit is being planned through the IPO route. The IPO will be managed by Enam Securities. The local advisors of IEP, Indian Direct Equity Advisors say that it has not been finalised whether IDF will make a full or partial exit. For the year ended 30th June 2002, Secure Meters reported a turnover of Rs 160 crores which is expected to reach Rs 200 crores in the current year. IDF expects to exit 50% of its current Investments. IDF has so far invested $28 million in 10 companies out of its corpus of $34 million. Presently the portfolio of Investment comprises companies such as Sun Earth Ceramics, Ecoboard Industries, Drish Shoes, United Studios, Time Packaging and Delta Innovative Enterprises. Though IDF prefers the IPO exit route it is now open to finding strategic buyers.