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NEW DELHI: In one of biggest PE fundings in India's power sector, a clutch of global of investors, including General Atlantic, has committed $425 million to Asian Genco, which has interests in the country's power generation companies.
Singapore-based infrastructure company Asian Genco in a statement said it has got a commitment of over $425 million (about Rs 2,000 crore) from a consortium of global investors, which include Morgan Stanley, General Atlantic Goldman Sachs Investment Management,Everstone Capital, Norwest Venture Partners, PTC India and its financial arm PTC India Financial Services.
A separate release by General Atlantic said the $425 million investment "is the biggest private sector financing ever done in a power sector".
This is also General Atlantic's second investment in the energy and resources sector and its first investment in the sector that is based in India.
Asian Genco has investments in a portfolio of hydro, thermal and non-conventional generation assets for an aggregate capacity of nearly 4,000 MW under development.
This new infusion of capital will enable Asian Genco to complete its current pipeline of projects and develop new projects.
"We are delighted to welcome our new investors and we look forward to working closely with them to grow our power generation assets across India in the years to come," AGPL Chairman Vijaykumar T V said.
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