Hyderabad-based Indu Projects has raised $113 million (about Rs 476 crore) from Credit Suisse, the Swiss investment bank.
Indu will receive about $77 million (Rs 325 crore) in the first tranche of the funding and the balance would flow in the next 90 days.
Indu Projects is a growing infrastructure company with interests in real estate, housing and market infrastructure.
“The fund will be used for both our existing and future requirements. Credit Suisse has seen the potential in this market and the business plan we have,” Indu chairman and managing director Syam Prasad Reddy told DNA Money on Thursday.
Founded in 2001 by Reddy, Indu recorded a turnover of over Rs 1,300 crore, with businesses in the areas of core infrastructure, theme ventures, end-to-end solutions and real estate.
Indu currently has an equity base of Rs 15 crore, and the promoters hold 70% stake.
Credit Suisse will get a 10% stake, while the rest 20% of it is shared by Citigroup Venture Capital, Maple Holdings, IDFC, Sun Apollo and Red Fort Capital.
The company is currently building health cities and agri-parks across India.
While this plan of theme parks is being finalised, the company is already in the housing market in the state.
“This substantial investment will help us create value by expanding our presence within India. It is also an important step in our diversification, wherein we plan to utilize our partner’s global reach,” Reddy said.
Apart from theme based parks, the company is also working on a plan to foray into power sector.
However, Reddy told DNA Money the company is now actively looking at coal mining contracts.
“This does not mean we will get into coal business, but we will take up mining on a contract basis.”
“This investment bolsters Credit Suisse’s long-term commitment to India. We have a great partner in Indu and we view this as a tremendous opportunity to participate in the strong growth of the country’s real estate and infrastructure sectors,” Sameer Nayar, managing director and head of real estate finance, Asia Pacific, at Credit Suisse, said in a statement.
Source: DNA India