Emerging markets investors Actis has sold its stake in Dalmia Bharat Sugar & Industries after a seven-year holding period.
Actis made just under $1.5m by selling the 5.5 per cent stake in the company, which was formerly known as Dalmia Cement before a demerger in September 2010.
Dalmia’s cement, power and refractory businesses went to KKR India as part of the restructuring, with the private equity firm also taking control of the company’s interest in OCL India.
Actis made an “expansion” investment in Dalmia Cement in 2005, according to its website.
Actis’ Indian portfolio company Halonix is currently facing a shareholder revolt following claims the business violated India’s Foreign Exchange Management Act.
The Securities Exchange Board of India and Enforcement Directorate are reported to be looking into allegations car lighting maker Halonix violated Fema and misled public shareholders.
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