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The troubled company is also putting on the block under-construction wind assets with a total capacity of 104MW.
MK Sinha, co-head of GIP India, talks about the newly-established firm's strategy in India and how the country's infrastructure market is evolving.
The deal is a debut transaction for the government-backed vehicle’s Strategic Fund and comes amid growing concerns surrounding bad loans in the country’s infrastructure sector.
The troubled firm's large portfolio includes more than 14,000 kilometers of roads, wind energy and solar plants and maritime and logistic assets.
The new vehicle will focus on biomass, healthcare infrastructure, PPPs and waste and water facilities, as Asian renewables ‘heating up’.
The Singaporean state investment company will invest in the state-backed vehicle’s Master Fund and become a shareholder in its investment management company.
GIP India is focused on deploying the roughly $100m remaining in Fund II, inherited after acquiring IDFC Alternatives’ infrastructure business, before deciding on a future strategy.
I Squared, Brookfield and CPPIB are among the high-profile investors considering a bid for the 30-year concession of eight toll roads, Invest India says.
India’s GVK moves the $2.3bn greenfield development, initially approved in 2007, to the construction phase.
The world’s fourth largest wind market is looking to have 5GW of offshore wind installed in the next five years, on top of its 60GW onshore target by 2022.
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