Singapore Investment Corp picks up 5% equity in ICSA

Hyderabad: The Government of Singapore Investment Corporation, along with its sub accounts has picked up 22,11,246 shares, equivalent to about 5.02 per cent of the equity, in the Hyderabad-based ICSA (India) Ltd.

This follows other major investments including UBS, Merrill Lynch and Morgan Stanley.

Earlier this year, Goldman Sachs, a global investment bank, had invested $46 million through Foreign Convertible Commercial Bonds (FCCBs) apart from acquiring 3,50,000 convertible warrants.

The Chairman and Managing Director of ICSA (India), Mr. G. Bala Reddy, told that investments by some of the largest global investors vindicated the company products and its focus in serving the energy audit business segment, which has immense potential in India and many markets overseas.

The company has developed two new products during the third quarter in the areas of agriculture load management unit and remote metering for residential and hut consumers.

The company secured four patents in India for its products in the area of energy audit and is now in the process of applying for global patents, Mr Reddy said.

The company revenues have been growing by over 100 per cent a per annum over the last three years. n 2005-206, the company registered revenues of Rs. 82 crore, 2006-2007 (Rs.332 crore) and poised to touch revenues of Rs.600 crore in 2007-2008. hile the company recorded revenues of Rs 465 crore in the first nine months, it has order book worth Rs 800 crore.

The company shares ended the day lower at Rs 345.65 (at BSE) against the previous close of Rs 356.