IDFC Alternatives to buy stake in Indian power project

IDFC will join current investors ONGC, IL&FS Energy Development, and the state government of Tripura, which hold stakes of 50%, 26% and 0.5%, respectively. In a release, ONGC said: "This consummates the equity structure as was envisaged at the time of setting up the project."

OTPC was created to build a gas power plant at Palatana, Tripura, which will make use of ONGC's natural gas reserves in northeast India. ONGC said that the addition of IDFC to the project "brings on board a credible infrastructure partner."

India Infrastructure Fund II closed in October 2014 at $900 million, making it the fourth-largest India infrastructure fund raised to that point. The fund's other electricity investments include the purchase of a 15% stake in power supply company DB Power earlier this year for $80.8 million.

IDFC has also partnered with the Russia Direct Investment Fund (RDIF) to jointly invest $1 billion in infrastructure projects with an aim to promoting economic cooperation between India and Russia.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• South Asia
• Infrastructure
• Industrials
• Infrastructure
• GPs
• PIPEs
• India
• IDFC Private Equity
• Infrastructure
• GPs
• PIPE