3i India Infrastructure Fund Invests $45m in Ind-Barath Energy (Utkal) Ltd.
3i India Infrastructure Fund, an investment fund established by international investor 3i Group plc, (“3i”) is investing around $45 million for a minority stake in Ind-Barath Energy (Utkal) Limited (“Utkal”), a subsidiary of Ind-Barath Power Infra Limited (IBPIL). Utkal is building a 700MW (two units of 350MW each) coal fired power plant based in the state of Orissa.
Anil Ahuja, Managing Director and Head of 3i Asia, commented on the transaction: “Utkal is well positioned to take advantage of the demand for power in India which is growing strongly. This investment allows us to partner with IBPIL which is a power generation company with an established track record of delivery.” K. Raghu, Chairman of Ind Barath Group said, “We regard 3i as a strong partner which understands the local infrastructure space and offers us a wide global network of contacts and experience. We will work closely with 3i towards building out our business strategy and delivering our plans for improving India’s infrastructure.”
Cressida Hogg, Managing Partner of 3i Infrastructure, said: “This is an exciting investment in the Indian infrastructure market and we are delighted to be adding the asset to our strong portfolio already in the fund.” The US$1.2 billion 3i India Infrastructure Fund is building a balanced portfolio of investments focused on power, road, ports and airports. Since inception, the Fund has invested in Adani Power Ltd, Soma Enterprises Ltd, Krishnapatnam Port Company Ltd, GVK Energy Limited and KMC Roads.
IBPIL, promoted by K Raghu, K. Rama Devi and Sriba Seabase Private Limited (wholly owned by K Raghu and K. Rama Devi) is an established power generation company with eight operational power projects (representing 290.6 MW), five power projects under implementation (representing 1,728.0 MW), and three planned power projects.
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Notes to Editors
3i is an international investor focused on Private Equity, Infrastructure and Debt Management, investing in Europe, Asia and North America. Our competitive advantage comes from our international network and the strength and breadth of our business relationships. These underpin the value that we deliver to our portfolio,
shareholders and fund investors.