Indu Projects receives $77 mn investment

Calcutta News.Net
Thursday 14th August, 2008 (IANS)

Indu Projects Ltd, one of India's fastest growing infrastructure majors, has received an investment of $77 million (Rs.3.25 billion) from Credit Suisse, a leading global financial services company.

This is the first tranche of an overall committed investment of $113 million, said a statement by Indu Projects here Thursday.

Founded in 2001, the Hyderabad-based company has a turnover of over Rs.13 billion, with businesses in the areas of core infrastructure, theme ventures, end-to-end solutions and real estate.

It has a sizeable presence in the south and west India and has diversified business in the area of core infrastructure with several irrigation, road, railway and BOT (build-operate-transfer) projects under its belt.

The company plans to enter contract coal mining and build health cities, agro food parks and rural transformation centres as part of its theme ventures operations.

'We are excited to be partnering with Credit Suisse to propel our future business initiatives,' Indu Projects chairman and managing director I. Syam Prasad Reddy said.

'This substantial investment will help us create value by expanding our presence within India. It is also an important step in our diversification, wherein we plan to utilise our partner's global reach,' he added.

'This investment bolsters Credit Suisse's long term commitment to India. We have a great partner in Indu and we view this as a tremendous opportunity to participate in the strong growth of the country's real estate and infrastructure sectors,' said Sameer Nayar, managing director and head of real estate finance-Asia Pacific, at Credit Suisse.

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