SIDBI Venture Capital Ltd will invest about Rs.10 crore in Pune-based Mitcon Consultancy and Engineering Services Ltd when the firm launches an initial public offer (IPO) in March to raise Rs.25 crore.
SIDBI VC will invest through a pre-placement process in Mitcon, which conducts environmental impact assessments for clients as well as procure clearances from the environment ministry. It is promoted by ICICI Bank Ltd, IFCI Ltd and Small Industries Development Bank of India (SIDBI) and earned a revenue of Rs.60 crore in 2011-2012.
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