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L&T Infra Finance Investing Rs 100Cr In KSK Energy

01 October, 2010

L&T Infrastructure Finance Company Ltd, a wholly owned subsidiary of engineering and construction major Larsen & Toubro, is investing Rs 100 crore ($22.2 million) in KSK Energy Ventures Ltd. The India unit of London Stock Exchange-listed power project firm KSK Power Ventur plc has 10 crore compulsorily redeemable preference shares.

The deal is the third fundraise by KSK Group in the last two weeks, coming just a day after KSK Power Ventur plc raised $99 million through a share sale. IFCI Ltd picked up a 7.72% stake  for $56 million in KSK Mahanadi, a $3.6 billion plant with a capacity to generate 3,600 MW last month.

The share price of KSK Energy Ventures Ltd closed at Rs 177.50 today, up by a little more than 2%.

KSK currently has four fully operational thermal power plants aggregating to 279 MW with three plants aggregating to 4183 MW under construction. It has also has other thermal and hydel power plants under planning.

KSK Energy reported total income of Rs 502 crore in FY10 against Rs 381 crore in previous fiscal, with net profit increasing from Rs 145 crore to Rs 191 crore for the same period.

L&T Infrastructure Finance has earlier invested in companies like Tikona Digital Networks, which recently won BWA licence for five telecom circles, and Feedback Ventures, an infrastructure services firm.

Larsen & Toubro is also planning to raise a $300 million private equity fund to invest in power, road projects, reported Bllomberg in April.

 


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L&T Infra Finance Investing Rs 100Cr In KSK Energy

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