IDFC PE to invest 150 Crore in GVR Infra Projects

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Chennai: Mumbai-based IDFC Private Equity is set to invest $30 million into GVR Infra Projects, Chennai-based infra project management company. This investment will value the company at about 700 - 750 crore or about 11 time its FY11 earnings, reports VCCircle. The PE firm has already completed the due diligence process on the company and the deal is in the final documentation stage.

Chennai-based Veda Corporate Advisors is running the authorization to the deal. Incorporated as GVR Construction in 2001 by civil engineer and first-generation entrepreneur G. Venkateswara Rao, Chairman, and K. Ganga Prasad, Managing Director, the company is now called as GVR Infra Projects. Few of the projects that the company plans to undertake are infrastructure projects including road sector and port sector projects in Gujarat, Maharashtra, Orissa, Tamil Nadu, Andhra Pradesh and Karnataka; civil workds in the power projects across Utter Pradesh and Chhattisgarh; BOT and Annuity Road Sector Projects under the NHAI in Andhra Pradesh and Karnataka; setting up of mini hydro projects in Himachal Pradesh, Sikkim, Arunachal Pradesh and Uttranchal; port development project at Jaffrabad, Gujarat; setting up a 1200 MW thermal power project in Tamil Nadu; integrated logistics complex in north Chennai and building works and other civil works in major PSUs and private entities.

The company recorded an annual turnover of 800 million in 2004 and achieved a turnover of 2224 million by 2007. It grew to be 4210 million during FY 2007-08 and 6280 million during 2008-09, reveals the website of the company. With infrastructure industry on a rise and PE funds picking up minority stakes in the companies, the deal came after the infrastructure-focused PE firm made gains in Ashoka Buidcon, another infra ancillary unit engaged in building and operating roads and bridges in India, which got listed in October, 2010.

IDFC PE was setup in 2002 and currently is one of the most active private equity firms focused on infrastructure and allied services and enablers. With a capital of 57 billion across three funds, the company aims to achieve attractive risk-adjusted returns by providing growth capital to companies in its target sectors. With a panel of highly regarded advisors, a network of deep corporate relationships and an experienced team to leverage the market presence and domain expertise, the firm has made 32 investments across 28 companies and has 15 liquidity events since inception. The firm currently has Delhi International Airport, Gujarat Pipavav Port, Ashoka Buildcon, Darcl Logistics, Goodearth Maritime and Seaway Shipping and Logistics and many more in its portfolio.

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