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IDFC agrees to fund Indian gas operator startup

The private equity arm of Infrastructure Finance Company has agreed to commit up to $60 million to fund a gas grid operator startup in the Indian state of Andhra Pradesh.

India’s IDFC Private Equity has committed to invest up to $60 million over a couple of years to fund Krishna Godavari Gas Network, a new company that is developing a gas grid in the state of Andhra Pradesh.

Luis Miranda, president and chief executive officer of IDFC Private Equity said: “We are providing the seed capital for this startup, and expect to invest our first dollar later this year.”

IDFC Private Equity will get a 50 percent stake in the new gas grid operator for its investment. Krishna Godavari Gas Network is developing a gas grid network that transport gas off the coast to industrial end-users in the state of Andhra Pradesh, Miranda said.

In 2004, IDFC invested in Gujarat State Petronet, a gas distributor in the Gujarat state.