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.