India’s IL&FS, IDFC see 2.6x return on gas distributor exit
IDFC Private Equity, the Asian Development Bank (ADB) and a subsidiary of IL&FS Investment Managers have sold their stake in Central UP Gas (CUGL) in a strategic sale to Indraprastha Gas. The investment generated a gross IRR of 17% and a money multiple of 2.6x, including dividends over a 6 and a half year hold period.
CUGL operates a gas distribution network in the Indian cities of Kanpur and Bareilly, delivering compressed natural gas (CNG) to vehicles and piped natural gas (PNG) to commercial, industrial and residential...
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