In one of the largest growth capital deals, Baring Private Equity Asia is close to investing around $50-60 million in Coastal Projects, a Hyderabad based infrastructure company. The deal is expected to close in two to three weeks, VCCircle has learned. Coastal Projects is involved in a variety of infrastructure development activities such as construction of hydel power projects, mini dams, water supply schemes, laying of roads and so on.
When contacted, Jimmy Mahtani, who looks after the firm’s India investments of Barings Private Equity Asia, refused to comment. “At any point of time, we are evaluating multiple transactions and we don’t comment on any specific transactions,” he said in an emailed response.
When contacted by VCCircle, Sushil Bhagat, CFO, Coastal Projects, confirmed a deal is in the works. “We are in advanced stages of talks with them,” Bhagat said, adding that this will be the last round of funding for the company ahead of an IPO, which is expected in 10 to 12 months. He added that the deal also involves the sale of shares by an existing shareholder.
VCCircle has learned that the existing investors Sequoia Capital and Fidelity Investment Holdings would also be increasing their stake in the company. Jasmin Patel, Managing Director, Fidelity Investment Holdings, declined to comment.
Sequoia Capital and Fidelity Investments have made an investment of $32.8 million in April 2008. The company also has investments from other PE investors like Citigroup Venture Capital International (CVCI), the investment arm of Citigroup, which holds about 17.7% stake, and Deutsche Bank.
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