India's IFCI invests $56m in Gayatri Energy
Gayatri Energy Ventures has reportedly raised INR250 crore ($56.2 million) from the Industrial Finance Corporation of India (IFCI) through the issuance of compulsory convertible debentures, marking the largest-sized tranche ever invested by IFCI.
IFCI has made past investments in companies including Lokesh Machines and Shakti Pumps in the region. Gayatri Energy is a domestic venture firm and a subsidiary of Gayatri Projects Ltd., which deals in infrastructure projects along the lines of road, dam, highway and canal construction, as well as other civil works.
Established in 1948, the Industrial Finance Corporation of India claims to be the first development financial institution in India to cater to the long-term financial needs of the industrial sector.
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