Global Investment House KSCC, a Kuwait-based investment bank, said its private equity unit has sold its investment in Indias Reliance Petroleum Ltd.
Global Capital Management, the private equity group of Global Investment House, was one of the 10 largest investors in the unit of Indias most valuable company, it said in an e-mailed statement.
"We have been liquidating our position in tranches to optimise our returns," Shailesh Dash, managing partner at Global Capital Management, said the statement. "We have achieved an internal rate of return of more than 70 per cent on this transaction."
The fund manages $3.2 billion of private-equity assets in the Middle East and North Africa. The proceeds from the sale will be returned to investors, the statement said, without disclosing the total amount received from the transaction.
Reliance Petroleum is owned by Reliance Industries Ltd, Indias biggest company by market value.
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