The AIM-listed KSK Emerging India Energy Fund-led consortium will pick a 49% equity stake in Athena Infraprojects for Rs 220 crore ($50 million), according to the filings of the company in India's Foreign Investment Promotion Board. The deal will value Athena Infra at around $100 million.

Athena Infra, which is promoted by a group of entrepreneurs and industrialists including N Prasad of Matrix Pharma (who now sits on the board of Mylan following Mylan's acquisition of Matrix) is into development of hydro and thermal power projects across India.

It develops power projects directly as well as through special purpose vehicles along with other developers. For instance, IDFC and PTC India have 48% stake in its subsidiary Athena Energy Ventures which is also into power generation activities.

Athena is currently in the process of developing power generation projects in Orissa, Sikkim, Chhatisgarh, Arunachal Pradesh and Meghalaya. These projects would absorb investments worth $12 billion and the firm is looking at raising capital through various means.

KSK Emerging India Energy Fund is an AIM-listed, closed-ended investment company established to make investments in companies engaged in the Indian power and energy sector. It had raised $200 million through AIM early this year. It is the second firm of the KSK group listed on AIM besides KSK Power Venture Plc and the third listed group firm globally.

KSK Energy Ventures Ltd, another group firm, went public in India in June this year raising around $200 million.

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