India-focused private equity fund manager IL&FS Investment Managers Limited (IIML) has exited its 19.3 percent stake in Bharat Fritz Werner (BFW), a tool manufacturing company with facilities in India and Germany, for INR711.9 million (approximately US$11.8 million). IIML has reportedly generated an internal rate of return of 15 percent and a multiple of 2.91x on its 2005 INR245 million (approximately US$5.52 million) investment. The investment was structured through IIM’s Leverage India Fund.