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Avendus fund buys minority stake in Indian ethnic snacks maker

Avendus Future Leaders Fund - I acquired a minority interest in Indian ethnic snacks manufacturer Bikaji Foods International Ltd.

The fund bought a part of the stake owned by two current investors, Lighthouse Advisors India Private Ltd. and Intensive Software, through a secondary transaction.

The alternative investment fund, which is part of Avendus Asset Management, aims to raise 5 billion Indian rupees from individual and institutional investors. It plans to inject 400 million rupees to 750 million rupees of capital into eight to 10 companies.

As of May 24, US$1 is equivalent to about 69.39 Indian rupees.