GVR Infra Projects (GVR) Ltd has raised Rs 150 crore from IDFC Private Equity (IDFC PE), a private equity fund focused on infrastructure and related value chain, the company has said on Friday (July 22).

VCCircle was the first to report the deal on May 30, 2011.

GVR is a privately held engineering, procurement and construction (EPC) company, primarily focused on the road sector. The Chennai-based company is jointly promoted by G Venkateswara Rao and K Ganga Prasad, with vast experience in infrastructure projects.

Some of the road projects executed by the firm include Hyderabad’s Outer Ring Road project, Hubli-Lakshmeshwar (SH-73) project in Karnataka and Bangalore-Hosur (NH-7) project.

In addition to roads, GVR is also executing projects in sectors such as urban infrastructure, railways and irrigation, across eight Indian states. Alongside its core EPC business, GVR has developed five BOT projects, two of which are now operational, two are in advanced stages of construction and one has achieved financial closure.

The company clocked revenues of around Rs 1,000 crore in FY11 and boasts an impressive order book of Rs 4,200 crore.

This is the third investment by IDFC PE in the road sector. It has earlier invested in L&T Infrastructure Developers and Ashoka Buildcon. The fund exited L&T IDPL via a private sale and took Ashoka Buildcon public last year.

Veda Corporate Advisors, a Chennai-based investment bank, was the sole advisor to GVR.

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