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Indian hydro developer raises USD271 in 3i deal
By
Editorial
Thu Nov 11 2010, 09:17 AM
India's GVK Power and Infrastructure has raised INR12bn (USD271m) by selling a 21.1% stake in its GVK Energy subsidiary to 3i's India Infrastructure Fund and an undisclosed investor. 3i is contributing USD182m to the total investment, with the unnamed investor funding the remainder. GVK Energy has an installed generating capacity of 901MW and further 4.2GW under development. The firm operates natural gas and coal-fired power plants, but is developing two hydroelectric projects with a combined capacity of 700MW.
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