Hyderabad-based infrastructure and construction company Indu Projects Ltd has closed $100 million investment from three unnamed US based private equity funds. Indu, which has an order book worth Rs 16,500 crore, is planning an IPO in the first half of 2008 probably to raise about Rs 1,000 crore ($250 million). A decision will be taken in next board meeting September.
The company had earlier raised angel investment from N Prasad of Matrix Laboratories Ltd (now acquired by Mylan Laboratories) and other individuals (Rs 99 crore), and first round of institutional financing of Rs 150 crore from Citigroup Venture Capital International. Currently, Indu’s promoters and associates hold around 80 per cent in the company and Citigroup Venture has around 9 per cent, the report adds, adding the current round of investment will be in three special purpose vehicles. They will invest Rs 220 crore, Rs 201 crore and Rs 32 crore in each of the three SPVs.
Indu is currently developing six integrated townships in Andhra Pradesh and Karnataka, two IT SEZs in Hyderabad and Nagpur, a biotechnology park near Hyderabad, a health city in South India, four agro food parks in AP and a highway project in Tamil Nadu on a build-own-transfer basis.
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