T3i India Infrastructure Fund, part of the UK-listed 3i group, has invested about $157 million (about Rs 700 crore) in road and power projects, taking close to four months to close the deals as increased approvals from authorities and the fund’s own stricter due diligence extended the time. The fund, which has so far invested close to $850 million out of its corpus of $1.2 billion, chose the closely-held Ind-Barath Energy (Utkal), a coal-fired, 750 MW power project in Orissa, due to its proximity to the vital coal mines. The power plant is just 40 km from the pit head which makes it one of the lowest cost producer of power in India. The company invested about $45 million for a minority stake in Ind-Barath Energy and $112 million in KMC Infratech that is involved in building roads.
The $1.2-billion fund has been focused on power, road, ports and airports.
Contact: 3i Tel: +91 22 6652 3131 Web: www.3i.com
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