ADV invests $105m in India's Feedback Infra

The deal will see L&T Infra Finance fully exit its stake to ADV, while IDFC Bank will make a partial exit, reducing its holding to comply with regulatory requirements. Further details of the secondary transactions and the size of ADV's stake have not been disclosed. Feedback Infra's remaining external shareholder, HDFC, will not be affected by the deal.

In a statement, Feedback Infra said the primary goal of the investment is to reduce its debt load and to raise working capital for its next phase of growth. The company was founded 26 years ago to provide advisory, engineering and construction management services to projects in the transportation, energy and urban infrastructure sectors. In 2013 it added operations and maintenance support as well.

Feedback Infra is primarily active in India, where it has designed and managed the construction of 20,000 kilometers of highways and power plants with a generating capacity of 48 gigawatts, but it has recently started to expand its overseas presence. It focuses on four key international markets: the Indian subcontinent, Southeast Asia, the Middle East, and East Africa.

Established in 2013, ADV provides structured financing solutions to mid-market companies that require capital to resolve corporate and shareholder dislocations, in addition to supporting growth. Its key target markets are China and India.

Previous India deals include a $45 million commitment to hospital chain Dr. Agarwal's Healthcare in 2016 and an investment in air conditioner manufacturer Amber Enterprises last year.

ADV closed its debut Asia fund at $545 million in 2015. Last year, New York State Teachers' Retirement System (NYSTRS) announced it would commit $100 million to a successor vehicle.

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• Topics
• South Asia
• Infrastructure
• Expansion
• India
• ADV Partners
• professional services