Date:18/01/2007 URL: http://www.thehindubusinessline.com/2007/01/18/stories/2007011805270100.htm

Back Citigroup may pump in up to $1 b in 2-3 years

Our Bureau

Hyderabad , Jan. 17

Citigroup Investments India, which has invested about $500 million in some 25 portfolio companies in the country, expects to pump in another $1billion over the next two-three years.

These investments are not sector specific and would cover technology companies, manufacturing or even in retail business.

The Managing Director of Citigroup Investments India, Mr Ajay Relan, said that the company had made significant investments in companies like i-flex Solutions (software products and services), Suzlon (energy) and Hemadri.

Unlike the earlier investments, which ranged up to $10 million in one company, the investments from now on would be in the range of $20-25 million. i-flex was a significant investment which we exited and the recent one was in Hemadri, based in West Bengal, which has nothing to do with IT. Therefore, the portfolio would depend on good investment opportunity and would not be sector specific, Mr Relan explained speaking on the sidelines at a press conference hosted to announce their investments in ICSA.

"We invest for the long term believing in the strengths of the people a particular company is based on. Traditionally, we do not invest in hardware companies but do not shy away from companies that provide software for hardware companies," Mr Relan explained.

Asked if they would also look at funding some start-ups in the technology sector, Mr Relan said that this would now cover only established firms with promise and looking at going global.