
3i may invest $200 million in India's GVK
3i may invest up to $200 million into Indian infrastructure giant GVK Group as part of the company’s efforts to raise $250 million, with Actis potentially fronting the remaining capital to fulfill GVK’s target, local media reports.
According to reports, GVK and the two private equity firms are in advance talks to closing the deal, which may be finalized in a month's time. GVK's CFO Issac George noted that the company has received interest from six to eight players also looking to invest.
Bombay Stock Exchange-listed GVK has developed large-scale projects including roads and airports, but it's the company's power business that sustains its leverage. According to reports, energy comprises 70% of GVK's business, encompassing its coal, gas and hydral resources. Power is the likely end point for the crux of 3i's potential investment.
GVK has reportedly raised nearly INR2,000 crore ($428.2 million) from institutions in the past three years, coming in two rounds of fundraising.
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