By IANS,
Chennai : IDFC Private Equity has invested Rs.150 crore for an unspecified stake in city-based infrastructure development company GVR Infra Projects Ltd, an official said Friday.
“We have invested the money from our third fund. Till date, we have utilised around 50 percent of the funds,” S.G. Shyam Sundar, partner, IDFC PE, told reporters.
IDFC PE’s third fund was formed with a corpus of $644 million.
Explaining the rationale for investing in GVR Infra, he said very few unlisted engineering-procurement-construction (EPC) companies sport an order book position of Rs.4,200 crore and revenue of Rs.1,000 crore.
He said the fund was scanning for suitable player in the road sector and finally zeroed on GVR Infra.
According to S. Chandra Mohan, chief operating officer of GVR Infra, the order book of Rs.4,200 crore will see the company comfortably for the next couple of years.