Actis, GIC in Indian power deal
Emerging markets private equity specialists Actis and the Government of Singapore Investment Corporation will each invest $77 million into Indian power developer GVK Energy, a subsidiary of Hyderabad-based GVK Power and Infrastructure.
Last month 3i’s India Infrastructure Fund took a 21.1% stake in GVK for $182 million. 3i was reported to be involved in bringing in the investment from GIC.
GVK Energy is one of the first private sector developers in India. GVK’s power portfolio comprises an operational capacity of 909 MW with a further 4200 MW in various stages of development. This funding round enables GVK Energy to further develop, construct and operate power plants in India.
Like 3i, Actis has been putting a lot of focus into the Indian infrastructure sector. In April, Actis formed a joint venture with Tata Realty and Infrastructure to invest US$200 million in Indian road and highway projects.
In the press release, Michael Till, Partner and Co-Head of Actis’s Infrastructure business said, “By investing in such a well-established, highly-respected business as GVK Energy, Actis is helping secure India’s current and future energy needs.”
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