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PRIVATE equity firm 2i Capital has sold half of its 6% stake in Pipavav Shipyard for Rs 110 crore, making a handsome gain on its three-year old investment.

A person close to the development said the sale was triggered by cancellation of an order by Setaf SAS of France worth Rs 165 crore. “Also, it has been one year since Pipavav received the government approval for defence contracts,” said the person, who did not wish to be named. The PE firm has sold 20 million shares at an average of Rs 55 a piece in the open market, said the person. Pipavav Shipyard chairman Nikhil Gandhi declined to comment.

2i had purchased the stake in the SKIL Infrastructure and Punj Lloyd-promoted yard at Rs 25 per share. It had invested Rs 100 crore in two tranches in September 2006 and early 2007. With this sale, 2i has made a neat profit of Rs 60 crore and is still left with another 3% in the shipyard.

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