J.P. Morgan eyes $400m investment in SKIL Infrastructure
A J.P. Morgan Chase-backed fund will pay approximately $400 million for a nearly 20% stake in Mumbai-based SKIL Infrastructure, an infrastructure project developer with assets including ship maker Pipavav Defence – formerly Pipavav Shipyard - and Offshore Engineering.
According to Reuters, the capital will go toward repaying loans SKIL took to purchase its 20% stake in Pipavav last year, as well as boosting its defense and education operations. By the end of the first quarter, SKIL had INR13.51 billion ($285 million) worth of debt, excluding additional vehicle loans.
News of JPMorgan and SKIL's tie-up first surfaced in June, the same month SKIL submitted filings for an IPO targeting a INR11.25 billion raise.
Over the past year, a myriad of private equity firms have exited Pipavav Shipyard, following the expiration of lock-up periods tied to its 2009 IPO. In March, three IL&FS divisions exited a 7.68% stake to Ovira Logistics. In October of last year, global hedge fund Citadel sold a 2.06% interest for $23.5 million, and PE firm Trinity Capital offloaded its 1% stake in the company for $13 million, making a reported 3.2x return on its investment.
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