3i Group PLC (III.LN) Monday said it has invested $182 million for a 21.1% stake in GVK Energy Limited, a subsidiary of GVK Power and Infrastructure Limited, one of India's largest and most diverse infrastructure developers.
3i has made the investment from its $1.2 billion India Infrastructure fund which it raised two and a half years ago, specifically to capitalize on India's commitment to invest $450 billion in infrastructure projects over a five-year period.
GVK Energy's power portfolio comprises an operational capacity of 901 megawatts with a further 4200 MW under various stages of development.
“GVK is well positioned to take advantage of the demand for power in India, which is growing strongly. This investment allows us to take a stake in a portfolio of power projects with an operator with one of the best track records in the country,” said Anil Ahuja, managing director and Head of 3i Asia.
“This investment allows us to take a stake in a portfolio of power projects with an operator with one of the best track records in the country,” he added.
GVK is amongst India's largest infrastructure developers with experience and expertise spanning areas including Energy, Airports, Roads and Urban Infrastructure. Its GVK Energy's power portfolio comprises an operational capacity of 901 MW with a further 4200 MW under various stages of development.
Source: WSJ