Tuesday, July 31, 2007

ACE Refractories gets flipped

ACE is flipped.

I had written earlier that ICICI Venture is on a lookout for a buyer for ACE Refractories that it bought out from ACC for Rs.257 crore. A first for an Indian PE firm to buyout a manufacturing company then, for flipping it later.

ICICI Venture seems to have done it in style. ACE Refractories have been sold to Imerys of France for Rs.550 crore, yielding 100% return over two years.

Good going, Renuka…
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1 comment:

Manoj said...

I read somewhere that the original investment was only 100 crores, the rest was debt, so the return is even higher!!

So its not just foreign PEs that are making the moolah then..