Home » Finance » Gati Group’s Hydel Power Arm Raises Rs 30Cr From IFCI Venture

Gati Group’s Hydel Power Arm Raises Rs 30Cr From IFCI Venture

According to reports, Hyderabad-based Amrit Jal Venture Ltd, the holding company of Gati Group’s hydel power arm, has raised Rs 30 crore from IFCI Venture Capital.

The investment has been made through equity and optionally convertible debentures (OCDs) by Green India Venture Fund, a Rs 220 crore renewable and clean energy fund floated by IFCI Venture Capital.

Amrit Jal is implementing three hydel projects in Sikkim, with combined output of 235 MW. The holding company is executing the three projects through separate special purpose vehicles (SPVs) and the fund raised will be ploughed into these projects at various stages of implementation. These include the 110 MW project at Chuzachen, Rongli, 71 MW Sada Mandger project at Ravangla and 54 MW Bhasmey project at Rangpo in Sikkim.

“This round of capital infusion has been raised mainly for its project at Chuzachen, which promises an expected IRR upwards of 20 per cent,” Arindam Roy from IFCI VC told VCCircle. With this investment, the funds under management by Green India Venture Fund have been completely deployed, added Roy.

Earlier, Singapore-based River Valley Ventures had picked up stake in Gati Infrastructure Ltd, the SPV implementing 110 MW Chuzachen Hydel Project, which is now nearing commissioning. Other investors/bankers in the project include IDFC, KSK Ventures and also IFCI Ltd, the parent company of IFCI Venture Capital Funds Ltd.

Comments are closed.

Scroll To Top