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Diligent Power raises fund from Warburg Pincus
By siliconindia
Mumbai: Warburg Pincus India, a private equity firm, entered in the power sector by investing $150 million in Bhopal-based Diligent Power for an undisclosed stake. The funding is done to enable Dainik Bhaskar group company to pacify its plan of constructing power plants.
The power company is in the process of setting up power projects with a capacity to generate 6,400 megawatts, which includes a 1,200 megawatt coal-based thermal power plant in the central Indian state of Chhattisgarh and a 1,320 megawatt thermal power plant in the central Indian state of Madhya Pradesh.
R. K. Gupta, CEO, Diligent Power, said that as there is a significant growth phase in the demand of electricity, additional requirement in generation, transmission and distribution to fulfill this demand requires huge potential.
Amarchand and Mangaldas and Suresh A. Shroff and company were the legal advisers while Avendus Captial acted as financial advisor to Diligent Power. AZB and Partners were legal advisers to Warburg Pincus. State Bank of India and IDBI Bank are the lenders for the Chhattisgarh projects.
Warburg Pincus has invested more than $2.5 billion in Indian companies that includes Ambuja Cements, Bharti Airtel, DB Corp, Gangavaram Port, Havells, HDFC, ICICI Bank, IMC, Kotak Mahindra Bank, Lemon Tree Hotels and many more.
