The deal may involve SCPE acquiring the stake of some existing founder investors as well as infusing fresh capital into the company, they added. A substantial part of transaction value would go towards taking out some of the existing investors.
When contacted, Indu Projects CFO Mahender Basani refused to comment saying that nothing had been finalized yet. “We won't be able to comment on anything at this point of time. There is nothing that is final till it is final ,” he added
However, top level sources at Indu Projects admitted that SCPE had indeed been carrying out a due diligence exercise over the past couple of months as a precursor to its entry into the company. Indu Projects has emerged as an EPC specialist for the energy sector within its overall construction play that also include mining, irrigation and roads.
The firm also has a portfolio of residential and township developments.
Source: Times of India