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TVS Shriram Growth Fund is acquiring a four per cent equity share in Indian Energy Exchange (IEX) from Bessemer Venture Partners for ₹81 crore.
According to a press release, TVS Shriram Growth Fund will work with DCB Power Ventures of Dalmia Bharat Group, a significant investor in IEX, for managing the investment. Gopal Srinivasan, Chairman and Managing Director, TVS Capital Funds Ltd, said in the press statement that the power sector in India is undergoing a transformation and power trading is poised to take-off from 3.2 per cent to 9-10 per cent over the next 5-6 years.
Srinivasan said, “IEX with customised technology to address the power situation and capable management at the top is well positioned to benefit from the overall positive sector macro especially in the long-term horizon.”
Bharat Banka, an Angel Investor and a former Managing Director of Aditya Birla Private Equity, was the sole advisor to TVS Capital Funds.
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