Actis and GIC Back GVK Energy With US$154m InvestmentBy Actis Llp, PRNE
Wednesday, December 15, 2010
LONDON, December 16, 2010 - Emerging markets private equity investor Actis, and an affiliate of the
Government of Singapore Investment Corporation ('GIC'), today announced an
investment each of US$77m in one of India's leading power developers, GVK
GVK Energy, a wholly owned subsidiary of GVK Power and Infrastructure
Limited ('GVKPIL') is one of the first private sector developers in India.
GVK's power portfolio comprises an operational capacity of 909 MW with a
further 4200 MW in various stages of development. This funding round enables
GVK Energy to further develop, construct and operate power plants in India.
Commenting on the announcement, Mr. G V Krishna Reddy, Chairman, GVKPIL
said: "GVK has been a pioneer in the infrastructure sector in India, having
developed India's First Independent Power project. Today, we are poised to
significantly grow our energy business to meet the growing demand in India.
While this strategic transaction will enable GVK Energy to deploy further
capital we believe that both Actis and GIC will prove to be ideal partners in
the next phase of the company's growth."
Michael Till, Partner and Co-Head of Actis's Infrastructure business
said, "By investing in such a well-established, highly-respected business as
GVK Energy, Actis is helping to secure India's current and future energy
needs. We are delighted to be part of this important investment."
The GVK deal underlines Actis's commitment to the Indian infrastructure
sector; building on its announcement in April 2010 of a joint venture with
Tata Realty and Infrastructure to invest US$200 million in Indian road and
Actis is a leading private equity investor in emerging markets with a
growing portfolio of investments in Asia, Africa and Latin America; it
currently has US$4.7bn funds under management. With over 100 investment
professionals on the ground in 9 offices worldwide, Actis identifies
investment opportunities in India and the emerging markets by bringing local
experts together with specialist sector teams. Actis invests in
infrastructure businesses in Africa, Latin America and South and South East
Asia with a focus on power and transport. Actis announced the close of its
global infrastructure fund, Actis Infrastructure 2, in September 2009 with
commitments totalling US$750m.
GVK is amongst India's largest infrastructure developers with
experience and expertise spanning areas including Energy, Airports, Roads
and Urban Infrastructure. To date, GVK has invested over Rs.107.86bn into
infrastructure projects and has on hand projects in the pipeline of over
GIC is a global investment management company established in 1981 to
manage Singapore's foreign reserves. With a network of offices in nine cities
worldwide and headquartered in Singapore, GIC invests internationally in
equities, fixed income, natural resource, treasury & currencies, real estate,
private equity and infrastructure. GIC Special Investments (GIC SI) is the
private equity and infrastructure investment arm of GIC. GIC SI's investments
cover a wide spectrum which includes leveraged buyouts, venture capital,
growth capital, mezzanine financing, distressed situations, infrastructure
and other special situation investments.
Media contacts: GVK Issac George Director, Finance, GVK PIL +91-40-2790-2663/4 email@example.com Ameya Bundellu/Floyd Almeida Ogilvy Public Relations Worldwide, Mumbai +91-98-2049-3003/ 98-9247-6208 firstname.lastname@example.org email@example.com Actis Claire Davies +44-207-234-5115 firstname.lastname@example.org
Media contacts: GVK, Issac George, Director, Finance, GVK PIL, +91-40-2790-2663/4, issac at gvk.com; Ameya Bundellu/Floyd Almeida, Ogilvy Public Relations Worldwide, Mumbai, +91-98-2049-3003/ 98-9247-6208, ameya.bundellu at ogilvy.com, floyd.almeida at ogilvy.com; Actis, Claire Davies, +44-207-234-5115, cdavies at act.is
Tags: Actis Llp, December 16, India, London, United Kingdom