Global Environment raises $124m India-focused fund

Raj Pai, managing director, Global Environment Fund Advisors India, told LiveMint that GEF plans to do three to four transactions in India a year, taking minority stakes anywhere between $3 million and $15 million. He added that the most viable exit routes would be trade sales and secondary sales.

The GEF South Asia Fund will also invest in Nepal, Sri Lanka and Bangladesh.

"India is a maturing market; it needs local approach and presence. One cannot do offshore investments any longer. The market needs a dedicated pool of capital and people," said Pai.

The fund and the International Finance Corp (IFC) have already committed $11.5 million to Bangalore-based energy efficiency firm Kalki Communication Technologies. Kalki is expected to quadruple its revenue in the coming four years.

"We want to expand our product portfolio, increase marketing and bid for large opportunities," said Prasanth Gopalakrishnan, chief executive of Kalki Communication.

GEF has previously invested in India through its global vehicles and has bet over $100 million across eight deals.

Its current portfolio companies include Sai Sudhir Infrastructures and Greenko Group, the wind energy player that received backing from TPG Capital and last year established a joint venture with General Electric. GEF's other investment in the country, REVA Electric Car Company, has been exited.

Established in 1990, GEF has approximately $1 billion in aggregate capital under management.

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• Topics
• South Asia
• India
• Cleantech