ICICI Venture Acquires 14Pc Stake In Rubamin

Mumbai: ICICI Venture, the country''s largest private equity fund, has acquired 14 per cent stake in Rubamin for Rs 70 crore, putting the valuation of the Vadodara-based company at Rs 500 crore, equal to its turnover. ICICI Venture will add significantly to the strategic and financial strength of Rubamin. The ICICI Venture''s investment will give further impetus to Rubamin, which plans to emerge as a fully integrated mining and metallurgy player by 2010, when it commercially exploits its mining areas. The Rs 500-crore Rubamin has been registering a CAGR of 80 per cent in sales and 120 per cent in profits over the last few years.