MIRA invests $122m in India's Ind-Barath Energy

Hyderabad-based IBPIL is a diversified power generator that operates both conventional and non-conventional projects, and has an aggregate operating capacity of 1,065 megawatts, with a further 1,160 MW of capacity under construction.

In a statement, the company said the extra capital raised will also be used to develop a 700 MW thermal project in the east Indian state of Orissa. 3i and PTC first invested in the company in 2011, putting in INR2 billion and INR1.05 billion, respectively. Previous investors have also included CVCI (now part of The Rohatyn Group), Sequoia Capital, Bessemer Venture Partners, and Ascent Capital.

"This transaction too has resulted in substantial value creation for us as well as our investing partners,' said K. Raghu Ramakrishnam Raju, chairman and managing director of Ind-Barath Power Infra. "Our understanding and execution capability in the power sector has consistently attracted global investors to partner with us in our vision to become a leading power company in India."

Earlier this year Australia-headquartered Macquarie was reported to have purchased a stake in Swarma Tollway, via MAIF Investments India, from Malaysia's IJM Corp for INR10 billion. However, this most recent deal is the firm's first India infrastructure investment through its MIRA funds platform - which manages over $100 billion in global assets - in two years.

In February 2013, it bought a 74% stake in GMR Jadcherla Expressways from Bangalore-based infrastructure major GMR Group, via its Macquarie SBI Infrastructure Fund (MSIF). The following October it invested INR1.1 billion in Ashoka Concessions (ACL), a toll road builder, via SBI Macquarie Infrastructure Trust (SMIT). The funding was the third tranche of a $150 million commitment made in August 2012.

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• Topics
• Infrastructure
• Exits
• Expansion
• Infrastructure
• India
• Exit
• Growth capital
• Macquarie Group