ICICI Venture, the private equity arm of India’s second biggest lender, has reportedly launched a second attempt to sell its stake in Chennai-headquartered facilities management business Updater Services, according to India’s Business Standard.
The company, which ranks as one of India’s top three integrated facilities management businesses and employs 30,000 people across 14 cities in India, was initially put on the market last year but failed to secure an exit.
ICICI Venture bought a 40 per cent stake in the business in early 2008 for around INR1bn ($18m). The firm has appointed Edelweiss to handle the sale and is hoping for a two times return on exit, the report added.
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