Franklin Templeton concludes Rs93-crore investment in Shiv-Vani

29 Mar 2010

Templeton Strategic Emerging Markets Fund III LDC todat said that it had concluded a $20.6 million investment in New Delhi-based oil and natural gas exploration service provider Shiv-Vani Oil & Gas Exploration Services Limited on 23 March 2010.

In February 2010 Shiv-Vani, one of the largest onshore oil and gas services providers,  had announced its plans to raise the sum from Templeton (See: Franklin Templeton to invest Rs92.3 crore in energy services provider Shiv-Vani) for which it would issue new equity shares to Franklin Templeton's Indian arm. 

The New Delhi-based firm is focused on deep well drilling and seismic services and provides its services to over 25 oil and gas exploration and production companies in India and abroad, qith clients that include ONGC and Oil India Ltd.  It provides end to end services in drilling, extraction, compression and dispatch of gas in its coal bed methane (CBM) business.

TSEMF III, which invests in listed as well as unlisted companies in emerging markets, is the third strategic equity fund managed by Templeton Asset Management Ltd, an investment management company incorporated in Singapore.

Dr Mark Mobius, executive chairman, TAML said, ''Our investment will fund the ongoing equipment and technology needs that will make Shiv-Vani a force to reckon with in the global arena for exploration services.''

Padam Singhee, joint managing director of Shiv-Vani said, ''This will lead to a dimensional change and open up new avenues for growth.''

TSEMF III, a limited duration company incorporated in the Cayman Islands and available only to institutions and sophisticated investors, makes strategic investments throughout emerging markets and managed by Templeton Asset Management Ltd, a subsidiary of Franklin Resources, which operates as Franklin Templeton Investments.

In 2007, Citigroup Venture Capital International had invested Rs100 crore for a 7-per cent stake along with Merrill Lynch and US-based private equity fund, GMO in Shiv-Vani.