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3i announces $182 million GVK Energy investment

  • Paul Mackintosh
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3i Group has announced a $182 million investment from its 3i India Infrastructure Fund as leader in a total RS1200 crore ($260 million) funding round for GVK Energy Ltd., a subsidiary of leading Indian infrastructure developer GVK Power and Infrastructure Ltd. (GVKPIL), picking up a total 21.1% stake in the subsidiary.

GVK Energy has a current capacity of some 901MW, with a further 4200MW under development, and claims to have created India's first privately-owned power plant. 3i's investment amount is slightly below the figure first cited in earlier reports in August. According to the company, the new funding will be used to further expand its capacity across the Subcontinent. Further reports indicated that 3i's LPs will also be investing in the round. There is no indication whether Actis, earlier cited as a potential investor, was involved in the deal.

“GVK is well positioned to take advantage of the demand for power in India, which is growing strongly," Anil Ahuja, MD and Head of 3i Asia, said publicly.

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