SBI Macquarie Infrastructure Fund takes 12% of power project in India
SBI Macquarie Infrastructure Fund, a joint venture between the State Bank of India and Australia's Macquarie Group Limited, has reportedly taken a 12% stake in India's Adhunik Power and Natural Resources for IND125 crore ($26.9 million).
The transaction marks the second capital injection into Adhunik Power, following the IND250 crore ($53.9 million) investment IDFC Project Equity Fund made half a year ago for a 27% stake. Neither Adhunik Power or Macquarie commented on the possible acquisition.
Since launching in 2005 in Jamshedpur, Adhunik Power and Natural Resources has been generating power from coal. The new capital will help Adhunik Power set up a 540 MW power plant at Jamshedpur, which is estimated to cost approximately IND2,650 crore ($570 million). The project is expected to commence March 2011.
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