VCCircle

(See updates below): Goldman Sachs is close to investing $40 million in Gurgaon-based power company Sudhir Gensets, VC Circle has learned. Sudhir is a leading name in power gensets in the range of 15-2,000 KVA in single units, and provides turnkey power solutions to most of India's large corporates. Sources told VC Circle that the deal is likely to have closed with Goldman Sachs. The other terms of the deal are not known.
The company, set up in 1973, has presence in the entire spectrum of services including power generation, distribution, protection, control and automation. Sudhir has clients like Reliance Industries, Pepsi, DLF, Oberoi Hotels, BHEL, and Indian Airlines, to name a few.
Companies like Sudhir have been attracting investor interest in India. In June this year, inverter maker Luminous received $20.3 million investment from CLSA Capital Partners. In February 2006, Sukam, a Delhi-based rival of Luminous, had landed $10 million funding from Reliance India Power Fund - a $200 million private equity fund sponsored jointly by Anil Dhirubhai Ambani Group and Singapore-based Temasek Holdings (Temasek). They picked up 20 per cent in the company.
Goldman Sachs has previously invested in companies like Bangalore-based OnMobile, $15 million in Ludhiana-based foods company Cremica, and $17 million in JK Paper. Goldman Sachs India MD & CEO L Brooks Entwistle recently told media that the investment bank has invested $800 million so far in India (This should include Goldman's FII investments too).
Update (27/09/07): The Times of India adds that General Electric Power and Goldman Sachs together are investing $75 million in Sudhir Gensets. The duo will pick up 10-15 per cent stake in the company, the report adds, quoting sources.
Update II (27/09/07): Sources told VC Circle that Goldman Sachs and GE Power are the two investors in Sudhir Gensets, and the deal could be close to $60 million.