City-based Supreme Infrastructure India today said private equity fund 3i India Infrastructure has picked up a minority stake in its BOT road projects’ portfolio for $61 million (about Rs 310 crore).
“We received offers from a number of investors but chose to partner with 3i given their track record in India and understanding of the infrastructure sector,” the Supreme Infrastructure (SIIL) Managing Director, Mr Vikram Sharma, said in a statement.
The company has built over 400 km highways and currently sitting on Rs 5,700 crore order book. It, however, did not disclose the percentage of stake that it sold to 3i India Infrastructure Fund.
“We are growing very fast and find ourselves at a point of inflection, wherein inculcating global best practices and inducting high quality investors will help us a long way in fulfilling our vision to be a leading infrastructure company from India,” Mr Sharma said.
“We see further opportunities to work and grow with 3i on future investments,” he added.
The $1.2-billion 3i India Infrastructure Fund has a portfolio of balanced investments across asset lifecycle.
“This is an exciting investment in the growing Indian road sector, one of the target sectors for 3i India Infrastructure,” the 3i Infrastructure’s Managing Partner, Cressida Hogg, said.
SIIL shares settled at Rs 243.75 apiece on the BSE, up 16.74 per cent over the previous close.