Ind-Barath seeks funding from TPG, Apollo - report

Sources close to the process told Reuters that Hyderabad-based Ind-Barath will use the funding to finance new projects that will boost its power-generation capacity. The firm currently operates eight power projects across the country with the capability to produce 376 MW of energy. The firm looks to set up four new power centers that will boost its capacity to 1,829 MW.

The company initially sought to raise $200 million in its float, yet as the main stock index has fallen by more than one-fifth this year, the firm opted to shelve its listing plans, the newswire added.

Ind-Barath has previously received backing from firms including 3i, which invested $45 million in March, Sequoia Capital and Bessemer Venture Partners.

TPG and Apollo's investment would mark the latest into India's power sector, with companies such as Visa Power, SKS Chhattisgarh Power Generation, Monnet Power and Moser Baer recently receiving capital.

Research firm Venture Intelligence found that, in the third quarter of 2011, energy attracted $823 million of investment across 16 transactions.

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• Topics
• South Asia
• Infrastructure
• TPG Capital
• Apollo Global Management
• India
• Infrastructure