TVS Shriram Invests Rs 65 Cr In Landmark

Chennai based VC fund - TVS Shriram Growth Fund has picked up 25% stake in music retail chain Landmark for Rs 65 cr, valuing the music retailer at Rs 260 cr. The proceeds will be utilized for funding expansion plans.

As a part of the deal, TVS Capital CMD Gopal Srinivasan will join the Landmark board.

Landmark is a subsidiary of Tata's listed retail business arm Trent. Trent had acquired 76% stake in Landmark in 2005 for Rs 103.6 cr and later bought out the remaining 24% stake from promoter Hemu Ramaiah last year for an undisclosed amount.

Established in 1987, Landmark operatesmultiple formats like 'Big-Box' stores in metros, airports and hotels. It also sells products like gifts, stationery, toys, gaming and technology accessories. The company also has an e-commerce site called www.landmarkonthenet.com. It has a presence in cities including Chennai, Bangalore, Mumbai, Vadodara, Gurgaon, Pune, and Lucknow. It reported revenue of Rs 196 crore for fiscal year ending March 2009.

TVS Shriram Growth fund is a Rs 600 cr VC fund jointly promoted by TVS group and the Shriram Group. The fund is looking for investments in midcap companies from with revenues between Rs 30 cr to Rs 250 cr. The typical investment size would be between Rs 10-50 cr.

The fund is set to invest Rs 25-30 crore for a 25-40% stake in Bangalore-based facility management company Dusters Hospitality Services. Once the two latest deals are completed, TVS would have invested close to a fourth of its Rs 600-crore corpus.

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October 26, 2010 07:18 AM

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