3i takes stake in Indian energy firm
3i has invested $45 million for a minority stake in Ind-Barath Energy Limited (Utkal), from its $1.2 billion 3i India Infrastructure Fund.
The stake acquisition comes as Utkal builds a 700MW coal fired power plant in Orissa, the firm announced. Utkal is a division of Ind-Barath Power Infra Limited, which Anil Ahuja, MD and Head of 3i Asia, says added to Utkal's appeal as an acquisition target. "Utkal is well positioned to take advantage of the demand for power in India which is growing strongly," he said in a statement.
3i's Indian Infrastructure Fund focuses on investment opportunities in the power sector, road, ports and airports. Its current investees include Adani Power Ltd, GVK Energy Limited and KMC Roads.
Late last year, 3i Group announced that it would raise a second, $1.5 billion Indian infrastructure fund, coming three years after its predecessor was raised. In December, CEO Michael Queen told AVCJ that the fund is in line with 3i's goal to exponentially boost allocation to India, saying that he "sees our overall investment levels in India probably doubling or tripling over the next three or four years."
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