Franklin Templeton to invest Rs92.3 crore in energy services provider Shiv-Vani
02 Feb 2010
New Delhi-based oil and natural gas exploration service provider Shiv-Vani Oil & Gas Exploration Services Ltd, aims to raise Rs92.3 crore from fund manager Franklin Templeton.
In a filing with the National Stock Exchange, Shiv-Vani said that it would issue new equity shares to the San Mateo, California-based Franklin Templeton's Indian arm.
Citigroup Venture Capital International had invested Rs100 crore for a 7-per cent stake in 2007 along with Merrill Lynch and US-based private equity fund, GMOin Shiv-Vani.
Shiv-Vani said it provides its services to over 25 oil and gas exploration and production companies in India and abroad. Its clients include ONGC and Oil India Ltd.
The company is pre-qualified for drilling, workover services and seismic services in several countries and owns the largest fleet of onshore rigs in India.
It has successfully diversified into other crucial activity areas such as seismic surveying, gas compression services and offshore drilling & logistics.
Templeton has $553-billion in assets under management.