IL&FS and IDFC Exit Central UP Gas in Strategic Sale to Indraprastha Gas (Asia)
Source: Asia Venture Capital Journal, Livemint | Authors: Mirzaan Jamwal, Deepti Chaudhary
Alternative asset manager IDFC Private Equity, India-focused private equity fund manager IL&FS Investment Managers Limited (IIML) and development finance institution Asian Development Bank (ADB) have sold a 50 percent stake in Central UP Gas (CUGL) to Indraprastha Gas, which supplies fuel in Delhi and surrounding neighborhoods, for about INR700 million (approximately US$11.7 million). CUGL operates a gas distribution network in the Indian cities of Kanpur and Bareilly, which Indraprastha Gas will gain access to through this transaction. IDFC Private Equity, IIML and ADB collectively invested INR300 million (approximately US$6.6 million) in CUGL in 2006, with IDFC and IIML each acquiring 15 percent stakes and ADB acquiring a 20 percent stake.