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Actis to buy stake in GVK power

Private equity investor Actis is set to acquire a stake in infrastructure major GVK’s power business for about INR 1,000 crore. As per report the deal was close to being finalized and would be done over the next six to eight weeks two sources involved in finalizing the deal.

A person involved with the negotiations said that the UK based PE fund could invest in the Hyderabad headquartered company through its USD 750 million Emerging Markets Fund with infrastructure in focus.

Actis which focuses on emerging markets had earlier talked about India having the highest share in its USD 2.9 billion global fund.

Mr JM Trivedi Partner and Head for Actis South Asia said that for Indicating a build up in deals in the pipeline the share of the company’s investment in India could go as high as USD 1.2 billion.

Reports added that Actis has already partnered with TATA Realty and Infrastructure Ltd to invest USD 200 million into a joint venture that will focus on road construction. Actis has committed an investment of USD 77.5 million into the joint venture TRIL Roads. The company has set a target to execute roads and highway projects worth USD 2 billion in the next few years.

Sources added that GVK which has lined up a slew of power projects would leverage the expanded equity base to raise debt for funding the projects. The infrastructure group is implementing power generation projects that will have a combined installed capacity of 2,900 megawatt and is also scouting for more opportunities across the country.

Source: Steel Guru

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