Nine Rivers Capital Ltd, a Mauritius based private equity fund focused on India centric opportunities, has invested Rs.27.5 crore in GPT Infraprojects Ltd (GPT), a Kolkata based company providing infrastructure enabling services. Promoters of GPT have also invested Rs. 14 crore by way of warrants to strengthen the capital base of the Company. SBI Capital Markets Ltd acted as the advisor for GPT.
GPT is an infrastructure service provider involved in a variety of civil construction projects for railways, roads, airports, irrigation and urban infrastructure. They also having manufacturing facilities for railway concrete sleepers in West Bengal, India and internationally in South Africa and Mozambique.
It is also into fabrication and erection of steel girder bridges. It plans to foray into construction of flyovers, urban interchanges, elevated viaduct structures for metro railways, roads, tracks for metro. GPT’s client base includes Indian Railways, IRCON, RITES, AAI, PWDs, DVC, SAIL, NTPC, Transnet Freight Rail, Myanma Railways etc.
Atul Tantia, Director, GPT said: "GPT has been growing at the rate of 58% CAGR for the last three years and is expected to cross Rs. 300 crore in the current year. With a robust order book position of more than Rs.1000 crores and growing, GPT is well positioned to continue its growth for the future."
According to Kunal Kumthekar, Founder-Director, Nine Rivers Capital Ltd, "The product mix, international presence and order book position does differentiate GPT from many other similar size companies."
The private equity firm has earlier picked up a minority stake in Navi Mumbai-based Pranav Construction Systems for Rs 50 crore. Pranav Construction is a formworks engineering solutions provider. The mid-market private equity firm achieved the first close of its debut fund at $46 million in the first half of 2009. It aims to raise $125 million.
Nine Rivers Capital is looking actively at infrastructure enablers; the companies which are part of the supply-chain of infrastructure development with focus on backing differentiated opportunities in each of the sub segment of infrastructure.