SINGAPORE (Reuters) – A private equity fund managed by Templeton Asset Management has bought a 5.3 percent stake in India’s Shiv-Vani Oil & Gas Exploration Services to help the latter expand globally, Templeton said on Monday.
The Templeton Strategic Emerging Markets Fund III invested $20.6 million in Shiv-Vani in exchange for the stake, the fund manager 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,” Templeton Executive Chairman Mark Mobius said in a statement. (Reporting by Kevin Lim; Editing by Saeed Azhar)
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