Bangalore-based engineering construction and property development company IDEB Projects has received a private equity funding of $32 mn (Rs. 150 crores) from Samsara Capital of USA and Fortune Partners of Singapore. IDEB has been involved in the construction of infrastructure projects like roads, bridges, build-operate-transfer (BOT) projects, high-rise buildings, mass housings, elevated and intricate RCC structures and treatment plants since 1998. PricewaterhouseCoopers were the financial advisors to the transaction.The funding will be used by IDEB for building land banks in 6-8 cities. At present, the company has a construction business order book of Rs. 1100 crores and is developing over 8 mn square feet of real estate projects in Bangalore, Chandigarh, Goa, Jaipur, Mysore, Pune and Uttaranchal. The company is building a 4 acre-IT Park in Dehradun in a joint venture (JV) with the state government through the State Industrial Development Corporation, a Rs. 165 crore-design-and-build contract for Delhi Metro for an elevated viaduct of 4.55 km, and five elevated stations for Phase II of the Delhi Mass Rapid Transport System in a JV with the Shanghai Urban Construction Group.After the fund infusion, the company is targeting consolidated revenues of over Rs. 1500 crores in 2007-08. The company is expected to achieve consolidated revenues of about Rs. 550 crores in 2006-07 from its engineering construction and real estate businesses. It is looking at an IPO sometime in 2008-09.
Read the article in Business Standard.
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