| Date: |
12-05-2011 |
| Subject: |
Cabinet Approves FDI of $200m For GMR Airports |
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The cabinet on Wednesday approved a foreign direct investment of USD 200 million in GMR Infrastructure's airport holding company by a group of private-equity firms, according to a government notification.
A unit of Standard Chartered PLC, Jacob Ballas and JM Financial Old Lane Capital will invest in GMR Airports Holding, the notification said.
IDFC-SSKI was the arranger to the transaction, said a source with direct knowledge of the transaction.
Last month, SBI Macquarie Infrastructure Investments, a private equity fund jointly owned by India's State Bank of India and Macquarie, invested USD 200 million in the company.
In April, GMR Infrastructure's group chief financial officer, Subbarao Amarthaluru, told Reuters that the company is looking to raise USD 150 million via private equity.
Private equity investments in India were up 38% in the first quarter of 2011 to USD 2.56 billion in 99 deals, according to a study by data provider, VCCircle.com.
Source : moneycontrol.com
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