BPCL attracts investment from Franklin Templeton arm

Bangalore, Jan 17 (UNI) Bhoruka Power Corporation of the Bhoruka Group today announced that Darby Overseas Investments, a private equity arm of Franklin Templeton Investments, has invested Rs 700 million in the company.

Group Chairman S N Agarwal told reporters here today that the private equity placement was part of the BPCL's growth strategy to augment its presence in the clean power sector in the country, with a revenue target of Rs 200 crore by 2009.

Darby Overseas Investments was a leading provider of private equity and mezzanine capital in emerging markets and the current investment was from Darby Asia Mezzanine Fund II, he said.

BPCL, a pioneer in the renewable energy sector, was engaged in the development and construction of small hydro-electric and wind energy power generation projects. It had a portfolio of 14 projects in the State, adding up to 92 MW with a planned addition of another 200 MW to be commissioned in the next 48 months.

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