AN INVESTMENT arm of C Sivasankaran, the non-resident Indian businessman better known as Siva in India Inc circles, has emerged as a significant shareholder in Aamby Valleyâ€”the company floated by Sahara Group to develop Aamby Valley Cityâ€”a famous upmarket township project in Maharashtra.
According to available documents Siva Ventures (SVL)â€”a whollyowned subsidiary and the principal investment offshoot of Sterling Infotech Group promoted by Mr Sivasankaranâ€”owns a 49% equity stake in Aamby Valley.
In a recently-prepared information memorandum, Siva Ventures said it â€œhas a significant presence in infrastructure and township building business by way of 49% ownership in the equity share capital of Aamby Valley, owners of Aamby Valley Cityâ€.
The information memorandum was prepared last month when Siva Ventures raised Rs 435 crore through private placement of non-convertible debentures.
The majority control in Aamby Valley remains with Sahara Group, which owns a 51% equity stake.
A senior official said Sterling Infotech Group was a â€œprivate equity investorâ€ in Aamby Valleyâ€.
â€œThe deal is between two private parties, viz., Sahara Group and Sterling Infotech Group. Whatever is required to be disclosed to the statutory authorities by Sterling Infotech Group is alone permitted to be disclosed and the same, as you are aware, is available for the asking. The two parties have entered into this deal after signing appropriate non-disclosure and confidentiality agreements. I am afraid the details, except for statutory and regulatory purposes, cannot be revealed by either party,â€ said K Sethuraman, vicepresident (legal), Sterling Infotech Group.
Mr Sethuraman was responding to questions on the holding structure of Aamby Valley.
The Sahara spokesperson did not respond to a set of emailed questions. The spokesperson said he was not in a position to comment at this point in time.
In a detailed email response, Mr Sivasankaran, the chairman of Siva Ventures, appeared to deny that any transaction had taken place, describing the information available with this paper as â€œuntrueâ€ and â€œunreliableâ€.
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