The Hindu Business Line : KVK Energy gets $26-m funding from Old Lane

Hyderabad, Nov. 3 KVK Energy & Infrastructure Ltd has received an investment of $26 million from Old Lane Mauritius III Ltd, an investment vehicle of Old Lane India Opportunities Funds (“Old Lane”).

The investment by Old Lane in KVK Energy will primarily help to fund its coal-based, power projects in Orissa and Chhattisgarh.

IDFC has acted as the Lead Advisor to the company for the transaction.

A venture of the KVK Group, the Hyderabad-based KVK Energy & Infrastructure is implementing the 1,200-MW KVK Nilachal power project in Orissa, a project being monitored by the Inter Institutional Group (IIG) set up by the Ministry of Power, Government of India, and the 120-MW SV power project in Chhattisgarh.

KVK Energy also has plans to go for listing at reputed overseas stock exchanges to raise resources to fund immediate growth opportunities in the sector.

Mr Hari Aiyar, Chairman & Managing Director of Old Lane India, said: “By entering into this partnership, Old Lane hopes to play a role in powering the nation’s growth momentum.”

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