France based construction major - Vinci has acquired 100% stake in Chennai based NAPC Ltd for an undisclosed amount.
Varun Manian - Vice Chairman, NAPC Ltd, has resigned from the Board and Vice-Chairmanship. His father, Mr K.S. Manian, who is today the Chairman, will however continue as NAPC's Managing Director for three years.
Manians will deploy the proceeds into the family's real estate and renewable energy businesses.
The company was founded in 1949 as National Asphalt Products & Construction Co (a partnership firm) by BS Manian to undertake road projects. NAPC Limited was founded in 2005 by KS Manian (BS Manian's son). It took over the partnership's firm business in 2007. Currently NAPC undertakes civil construction projects invloving construction of roads, airport runways, buildings and mining contracts.
Federation of Indian Chambers of Commerce and Industry (FICCI) along with civilian foreign aid agency of the US federal government, USAID has launched $15 Mn (R78Cr) VC fund - Millennium Innovation Fund.