IDFC Private Equity invests Rs150 crore in GVR Infra Projects

Chennai-based Infrastructure developer GVR Infra Projects Limited today said that it has raised private equity investment of Rs150 crore from Mumbai-based private equity fund IDFC Private Equity, a 100 per cent subsidiary of IDFC Limited.

This is the third investment by IDFC PE in the roads sector, since its investment in L&T Infrastructure Developers and Ashoka Buildcon. The fund exited L&T Infrastructure through a private sale and took Ashoka Buildcon public last year.

GVR is one of the few large unlisted companies in the engineering and contracting sector which is active in the roads sector. The company possesses strong in-house EPC capabilities as well as an attractive portfolio of five build-operate-transfer projects.

Over the past decade, the company has executed several state level projects for the National Highway Authority of India. In addition to roads, GVR is also executing projects in sectors such as urban infrastructure, railways and irrigation across eight Indian states.

Alongside its core EPC business, GVR says it has developed 5 BOT projects, two of which are operational, two are in advanced stages of construction and one has achieved financial closure. The company had revenues of about Rs1,000 crore in 2010-11 and an order book of Rs4,200 crore.