Investments

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The India Direct Fund (IDF) which was set up in 1996, has focused principally on investments in unlisted companies. It has also invested in listed  securities in special situations through negotiated transactions. The IDF has bought substantial minority stakes in companies (up to 47%) and has in all cases maintained, either on its own or through co-investments with like-minded financial partners, a greater than 25% share of the voting securities of each of its portfolio companies.

Investment amounts in each company ranged from $1 million to $3.6 million. Average valuations for purchased shares were based on price-to-earning ratios (for the trailing year) of 4.5.

 

INDIA DIRECT FUND -  PORTFOLIO STATUS
S.NO. PARTICULARS INDUSTRY INVESTMENT MERITS AMOUNT
(USD MN)
1 Alok Textile Industries Limited Textiles - Weaving Growth oriented venture
Extensive supplies to garment exporters
3.81
2 BrainGEM L.L.C Software Development and Maintenance Services for e-businesses e-Services company based in Boston with a back end in India 1.13
3 Delta Innovative Enterprises Limited Communication - Services Pioneer in two-way messaging facility
Establishing VSAT network across the country
Early market entry advantage
1.04
4 Drish Shoes Limited Leather Footwear Export oriented operations
Strong presence in Germany 
Forex revenues and local outlays
3.46
5 Ecoboard Industries Limited Building Products-Particle Boards Environment - friendly non-wood based particle boards 3.51
6 New World Application Application Service Provider Provides Internet delivery platforms tailored to customer requirements 2.40
7 Secure Meters Limited Electronic Meters Over 60% market share
In-house technology development unit in the UK (PRI)
1.72
8 Sun Earth Ceramics Limited Ceramic Wall and Floor Tiles Third largest Indian tile manufacturer Existing dividend paying and listed company Excellent growth and profitability record 4.03
9 Time Packaging Limited Plastic Packaging-Industrial Over 62% market share in high growth industry
Technical collaboration with Mauser Werke GMBH, the world leader in plastic drums
1.82
10 United Studios Limited/UTV Media & Entertainment Promoted by UTI- one of the largest in post-production facilities and 2-D animation in India 3.36
        26.28

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