AMP to invest in GIVL equity in tranches

Hyderabad, Aug 4 (UNI) Gayatri Infra Ventures Limited (GIVL), a wholly-owned subsidiary of Gayatri Projects Limited (GPL) to operate as an investing and constructing company in transportation infrastructure sector today entered into a definitive agreement with AMP Capital Financial Mauritius Limited to dilute 29 per cent equity for Rs 100 crore.

Under the agreement, Mauritius-incorporated AMP Capital Finance Mauritius Limited, a part of the AMP Group, the Australian Wealth Mangement Company, had agreed to invest Rs 100 crore in the first tranche in equity shares of GIVL.

''These funds would be utilised to meet ongoing needs of existing projects as well as future bids and concessions undertaken by GIVL.

AMP Capital will also consider a further equity injection of Rs 100 crore as and when the need materialises,'' a company official said.

The equity investment in GIVL was the first investment of AMP Capital from its forthcoming USD 750 million Asian Giant Infrastructure Fund, which it proposes to float over the next three months to fund projects in India and China. AMP have outstanding investment of USD 60 million in three projects in India.

GPL has invested Rs 125 crore before transferring the entire equity to GIVL, with AMP Capital investing another Rs 100 crore by picking up 29 per cent stakes.

Talking to newspersons here, GPL Chairman T V Sandeep Kumar Reddy said "We intend to pump another Rs 400 crore equity in GIVL over the next three years, as we plan to bid for Rs 50-60000 crore infrastructure projects in India''. Currently, it is executing five projects of Rs 3000 crore in Uttar Pradesh and Andhra Pradesh on Built-Own-Transfer (BOT) basis.

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