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3i invests Rs 200 cr in Ind-Barath Energy

3i India Infrastructure Fund, an investment fund is investing around $45 million (around Rs 200 crore) for a minority stake in Ind-Barath Energy (Uktal), a subsidiary of  Ind-Barath Power Infra (IBPIL).

Utkal is building a 700 MW (two units of 350 MW each) coal fired power plant based in Orissa. This is the second deal by 3i in this month. Earlier this month the fund invested $111.51 million in KMC Infratech, which develops and operates national, state and urban highways and roads.

“Utkal is well positioned to take advantage of the demand for power in India which is growing strongly. This investment allows us to partner with IBPIL which is a power generation company with an established track record of delivery,” said Anil Ahuja, Managing Director and Head of 3i Asia.

The $1.2 billion 3i India Infrastructure Fund invests in power, road, ports and airports. Since inception, the Fund has invested in Adani Power, Soma Enterprises, Krishnapatnam Port Company, GVK Energy and KMC Roads.

IBPIL, promoted by K Raghu, K Rama Devi and Sriba Seabase Private Limited (wholly owned by K Raghu and K Rama Devi) is an established power generation company with eight operational power projects (representing 290.6 MW), five power projects under implementation (representing 1,728 MW), and three planned power projects.

Source: Business Standard

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