India-focused private equity fund manager IL&FS Investment Managers Limited (IIML) is selling its stake in India-based laundry business Jyothy Fabricare Services. Jyothy’s board has approved the acquisition of 3.3 million Compulsorily Convertible Cumulative Participatory Preference Shares (CCCPPS) at INR10 (approximately US$0.16) each and 50,000 equity shares from the private equity firm. IIML originally invested INR1 billion (approximately US$21 million) at a reported valuation of INR4 billion (approximately US$85 million) in 2010. In a separate deal, IIML has sold most of its stake in India-based port operator Gujarat Pipavav Port through a string of deals since April this year. In the most recent deal, IIML sold six million shares at INR50 (approximately US$0.82) for a total sale of around INR400 million (approximately US$6.5 million). IIML, which has a remaining stake valued at around INR100 million (approximately US$1.6 million), invested INR300 million (approximately US$6.9 million) through its Leverage India Fund in 2005.