3i Group Plc To Invest In Soma Highway
Soma Enterprises Ltd - is the holding company of the highway projects. If the deal goes through, it would be 3i's second investment in Soma Enterprises. It had earlier invested $101 Mn in Soma Enterprises in 2007. It also has a seat on the company's board.
Ahead of the proposed investment, Hyderabad-based Soma Enterprises has bundled some highway projects into a holding company called Soma Highway (Toll) Projects Pvt. Ltd.
3i has completed due diligence for the investment and Soma has sought approval by the Foreign Investment Promotion Board (FIPB).
Hyderabad based - Soma Enterprises Ltd has a turnover of around Rs. 2012 Cr is currently executing projects worth over Rs.14200 Cr. It has a portfolio of nearly 800km of tolled highways, including a Rs3,600 crore National Highway 1 stretch between Panipat in Haryana and Jalandhar in Punjab, apart from two annuity projects.
3i Group Plc manages a $1200 Mn India Infrastructure Fund. It has so far made 13 investments in Indian companies. In Feb'09, 3i invested $161 Mn in Krishnapatnam Port Co. Ltd. It has also invested in Adani Power and NEO Sports in 2009.
Source: LiveMint
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 20/01/10 | Soma Highway - 3i Group | Private Equity | 3i Group Plc | - |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 17/05/12 | M&A | CESC Limited | Pachi Hydropower Projects Limited | - | Completed |
| 17/05/12 | M&A | CESC Limited | Papu Hydropower Projects Limited | - | Completed |
| 14/05/12 | M&A | Jain Irrigation Systems Limited | NaanDanJain Irrigation Limited | - | Completed |
| 10/05/12 | M&A | IRB Infrastructure Developers Limited | MVR Infrastructure And Tollways Private Limited | 24.39 | Completed |
Fund |
||||
| Name | Corpus | Target Sector | Website | KeyContact |
|---|---|---|---|---|
| 3i Group Plc | Healthcare Oil & Gas IT/ITES/Technology Telecom BFSI |
www.3i.com | Tarun JoshiDeepak BaglaShrikant BahadkarManu ChandraNikhil GahrotraAnjali GuptaGirish Pankaj BaligaSainath RamanathanAnil AhujaSunil RajanalaAvnish Chhabria | |
Company |
||||
| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Soma Enterprise Limited | Rajendra Prasad Miganti | 'Soma Heights', 3, Siddhi Vinayak Society Karve Road, Pune-411038. Maharashtra, India. | www.soma.co.in | |
| Soma Highway (Toll) Projects Private Limited | Rajendra Prasad Maganti Ankineedu Maganti |
Plot No.14, Avenue 14, Banjara Hills | www.soma.co.in | |
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