Singapore government picks up stake in Indian tech firm

April 4th, 2008 - 6:49 pm ICT by admin  

New Delhi, April 4 (IANS) ICSA India, a technology solutions company for power, oil, gas and water sectors, Friday said the Singapore government’s investment company had picked up a five percent stake in the company. The Government of Singapore Investment Corp, along with its subsidiaries has acquired 2.2 million shares aggregating 5.0245 percent for an undisclosed price, the company said in a statement.

Earlier this year, investment bankers Goldman Sachs had pumped in $46 million in ICSA through foreign currency non-convertible bonds. Recently, investors like UBS, Merrill Lynch and Morgan Stanley had also picked up equity in the company.

ICSA develops technologies that identify transmission and distribution losses, and monitors power and oil consumption to help utilities reduce losses. It has a presence in Asia and Africa, with offices in India, Singapore and Malaysia.

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