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US hedge fund to pay $500 mn for 26% stake in SKIL Infrastructure

SKIL Infrastructure Ltd (formerly Sea King Infrastructure Ltd), promoted by Nikhil Gandhi, has sought clearance from the Foreign Investment Promotion Board (FIPB) to sell a 26% stake in the Mumbai-based infrastructure company to US-based hedge fund manager Avenue Capital Group for about $500 million (Rs2,050 crore). “Avenue Capital is buying a 26% stake in SKIL Infrastructure Ltd for about $500 million. The money raised through a new issue of shares will be utilized to fund various infrastructure projects such as tourism and shipyard,” said an SKIL Infrastructure official, who did not wish to be identified. He declined to provide more details citing a “confidentiality agreement signed between the two parties”. [...]