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China New Era Group Corporation (CNEGC) will make an equity investment of "few hundred dollars" for an undisclosed stake in Hyderabad-based infrastructure firm, Transstroy India Ltd.
This is the first equity investment deal at corporate level between a major Chinese state owned enterprise and an Indian infrastructure company.
Sridhar Cherukuri, Chairman and Managing Director of Transstroy (I) and Liu Guozhen, Deputy General Manager and President, CNEGC signed the agreement in China.
"We look forward for a greater future ahead, the investments from the Chinese giants like CNEGC would open up a bigger opportunity for Transstroy as it can spread its wings in the various verticals and also strengthen their companies base, with more manpower and more projects,’’ Sridhar Cherukuri said in a release issued here on Sunday.
Both sides have commenced due diligence for deal execution and expect deal to close within couple of months. The two companies are already engaged in EPC cooperation for road projects and are taking their relationship to next level with strategic FDI at corporate level.
CNEGC is a state-owned enterprise dedicated to overseas investment and EPC business. It has set up a number of enterprises at home and abroad including wholly owned, holding and joint-stocked and is doing business in Europe, Africa, Middle East and South Asia.
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