New York Life Investment Management India Fund, advised by Jacob Ballas Capital India Private Limited, has sold an approximate 2.77 percent stake of its holding in Commercial Engineers & Body Builders Co. (CEBBCO), an Indian producer of vehicle and locomotive bodies, for an estimated US$1.8 million. Jacob Ballas Capital has been steadily reducing its stake in CEBBCO since the company’s IPO in October 2010. The fund has reportedly generated a return of 2x on its invested capital in CEEBCO to date.