GMR Infrastructure nears PE investment in roads business
GMR Infrastructure is close to sealing a INR6 billion ($120 million) private equity investment in its highways business, which will enable the company to finance a INR75 billion project it won last year to build a road between Ahmedabad and Kishangarh in Rajasthan.
Investment bankers told The Business Standard that the deal is expected to be signed within three weeks. GMR Infrastructure's roads business contributes just 10% of its annual revenue and is dwarfed by the airports and power divisions, both of which have already received private equity backing.
In 2011, GMR Airports Holding received $200 million from Macquarie SBI Infrastructure Fund and then raised $131 million through the issuance of compulsorily convertible preference shares to Standard Chartered Private Equity (Mauritius) III, JM Financial-Old Lane India Corporate Opportunities Fund I, Build India Capital Advisors LLP and JM Financial Trustee. GMR's energy arm received $200 million in funding from Temasek Holdings in 2010.
Rival infrastructure firm GVK Power & Infrastructure has reportedly also been considering private equity funding for its roads business. Like GMR, GVK's energy arm has already attracted PE investment.
More on Infrastructure
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.