IDFC Alternatives’ infra fund exits JM Baxi unit

IDFC Alternatives’ first infrastructure fund has exited its investment in a unit of logistics company JM Baxi Group by selling its holding to promoters. IDFC Alternatives’ India Infrastructure Fund had invested about Rs 2.2 billion in International Cargo Terminals and Infrastructure Private Limited (ICTIPL) in 2008. The fund has now sold its entire holding of 33 per cent in ICTIPL to the promoters. Reportedly, the deal value could be Rs 3.75 billion ($58 million) with an internal rate of return of around 6 per cent.