Hyderabad-based, ICSA (India) Limited, has informed that the Government of Singapore Investment Corporation, a financial services arm of the Singapore government, has picked up 5.02 per cent equity in the company.

Government of Singapore, which already held 1.49 percent stake in the company, raised its stake through purchase of 2.2 million shares from the secondary market.

With this, international financial institutions and non-resident Indians hold about 51.15 per cent of the equity of ICSA (India).

Earlier this year, investment bankers Goldman Sachs had pumped in $46 million in ICSA through foreign currency non-convertible bonds. Recently, investors like UBS, Merrill Lynch and Morgan Stanley had also picked up equity in the company. ICSA plans to use part of these proceeds for the acquisitions.

ICSA (INDIA) LIMITED designs and develops embedded solutions, infrastructure solutions, and software applications for the power, gas, and water sectors in India.

The company has registered a 100% increase in net profit at Rs 36.24 crore for the quarter to Dec. 2007. Its sales increased by 99% to Rs 189.14 crore.