3i invests in Indian construction major
UK-headquartered private equity firm 3i will invest INR500 crore ($115 million) into KMC Constructions, a build-operate-transfer (BOT) construction firm based in Hyderabad that focuses on India’s road projects.
The size of 3i’s stake has not been disclosed, although reports suggested that it is significant. 3i launched its $1.2 billion regional infrastructure fund in 2008, and this investment comes as its fourth from the vehicle. Spark Capital reportedly served as an advisor for the transaction.
KMC currently operates 10 projects that will overall construct 5,000 km of roads in places such as Rajasthan, Orissa and Andhra Pradesh. Aside from 3i, KMC has received INR311 crore ($69.3 million) worth of backing from IDFC, Canada’s SNC-Lavalin and the Indian government to complete the SPV Rayalseema Expressway. Blue River Capital has contributed to another KMC project.
The deal’s completion is dependent on regulatory approval.
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