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| Axis PE, IL&FS announce investment of Rs 90 crore in SGEL |
| Press Trust of India / Mumbai Jun 09, 2009, 13:37 IST |
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Axis Private Equity (Axis PE) and IL&FS Financial Services have announced an investment of Rs 90 crore in Shalivahana Green Energy Ltd (SGEL).
Axis PE will invest Rs 54 crore directly in SGEL, while IL&FS Financial Services will invest Rs 36 crore, a statement said here today.
This is Axis PE's fifth investment following previous investments aggregating Rs 320 crore in water supply and sanitation, laying oil and gas pipelines, railway EPC and hospitality sectors, the statement said.
SGEL is a leading renewable energy player with focus on development and operation of biomass and small hydro power projects.
Currently, SGEL has four operational projects having aggregate capacity of 35mw and is at an advanced stage of developing a number of biomass and small hydro power projects, it said.
With the capital infusion, SGEL is well-positioned to expand its capacity to over 250mw, it added.
This investment further reaffirms Axis PE's commitment to invest in infrastructure-related companies in high-growth segments such as renewable energy, Axis PE Managing Director and CEO Alok Gupta said.
SGEL Managing Director M Komariah said, "We are glad that Axis PE and IL&FS have chosen to invest in our company and look forward to receiving strategic inputs from them. The investment will nurture future growth and enable the company to rapidly scale up its business."
IL&FS Limited Managing Director Hari Sankaran, said that the company has created a dedicated institutional platform that provides access to all forms of growth capital, knowledge and best practices framework to emerging companies in the renewable energy space.
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