HYDERABAD: ICSA (India) Limited, a Hyderabad-based embedded technology and electrical solutions provider for the power, oil and gas sectors, has received consent for foreign investment to the tune of $52 million from two major firms.

Citigroup Venture Capital International Growth Partnership Mauritius Limited is acquiring 14 per cent stake in the company with an investment of $30 million. Goldman Sachs, a leading global investment banking management firm, will invest $22 million through FCCBs (foreign currency convertible bonds). The company proposes to utilise the funds to meet its growing working capital requirements and R&D-related capital expenditure and for creating infrastructure.

Announcing this at a press conference here on Wednesday, ICSA Chairman and Managing Director, G. Bala Reddy, said the company planned to utilise the investment for positioning itself as a global player in technology solutions for the power and oil sectors.

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