IL&FS Private Equity buys IL&FS Energy stake for $44m
IL&FS Private Equity, has invested INR2.3bn ($44 million) for a stake in Indian power generation firm IL&FS Energy Development. The two parties have the same parent company.
The deal, which closed in October, involved investment from the Standard Chartered IL&FS Asia Infrastructure Growth Fund and IL&FS Infrastructure Equity Fund, while Amarchand & Mangaldas provided legal advice, according to VC Circle.
A subsidiary of IL&FS, IL&FS Energy Development operates and maintains power generation, transmission and distribution projects. It plans to set up projects with a total capacity of more than 15,000 megawatts across conventional and non-conventional energy space, as well as developing greenfield projects and acquiring existing operational assets.
Another company from the IL&FS group, IL&FS Transportation Networks, also previously received investment from the Asia Infrastructure Growth Fund. The company, which was listed last year, counts Goldman Sachs and Bessemer Venture Partners among its other investors.
In September, meanwhile, IL&FS Investment Management announced that it is looking to raise up to $900 million across three funds. The fundraising process is expected to take longer than usual however because of tighter risk assessment among investors globally.
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