ICICI Venture Closes $800M Investment In Jaypee Infratech: Report
This can be counted as the largest private equity deal in the unlisted space in India. ICICI Venture has reportedly closed an $800-million investment in Delhi-based Jaypee Infratech. Business Standard reports, quoting sources, that the Mumbai- buyout fund has picked up a 10-15 per cent stake in the privately-held subsidiary of the Jaypee Group, which has presence in construction, cement and hotels.
The Indian private equity deals that are larger than this deal are KKR’s acquisition of Flextronics Software for $900 million (April 2006) and the recent $2-billion investment of Temasek in Bharti Airtel. But, both of them are PIPE deals.
With the Jaypee Infratech deal, ICICI Venture has emerged as the largest deal maker in Indian private equity scene. Jaypee Infratech is currently executing the 165-km Taj Expressway project, connecting the cities of Noida and Agra in Uttar Pradesh along the banks of the Yamuna river.
