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Gulf investors has committed $630 million for Energy City India, an infrastructure project to be set up in Maharashtra. Bahrain-based Gulf Finance House (GFH) has raised the capital from its clients for the proposed business hub for oil and gas industry. The project built over 300 acres in Navi Mumbai will house companies in the entire oil and gas value chain.
The response from investors to the project was encouraging. The issue was oversubscribed 60 per cent more than what Gulf Finance was looking to raise for the project, reports Arabian Business.
Gulf Finance has offered investors a total of 75 per cent return over three years (see DNA for more details on the project). GFH has a similar energy city project in Gulf state Qatar, and is planning more in the region.