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3i invests $101m in Indian company Soma Enterprise29/11/2007. Source: AltAssets. 
 3i, through its 3i India Infrastructure Fund, has invested $101m for a minority stake in Hyderabad-based engineering and construction company Soma Enterprise. Company director Ankineedu Maganti and his family will retain a majority stake.
The investment is the second to be made from 3i's India Infrastructure Fund, which was launched in August this year with a target of $1bn. The fund held its first closing in September on $500m in commitments from cornerstone investors 3i and 3i Infrastructure Limited and is expected to hold a final closing around the end of March 2008.
Established in 1997, Soma specialises in multi-disciplinary engineering, procurement and construction contracts across segments such as roads, irrigation, hydropower and urban infrastructure. The company is increasingly concentrating on developing build-operate-transfer projects and already has a portfolio of BOT investments which it plans to expand significantly over the next few years.
Anil Ahuja, managing director and co-head of 3i Asia, said, 'With activity and investment in Indian infrastructure increasing dramatically, the engineering and construction space will continue to exhibit robust growth. Soma, as a high quality business with a fine track record of executing complex infrastructure projects ahead of schedule and below budget, is ideally positioned to capitalise on this growth.'
The 3i India Infrastructure Fund made its first investment in October this year, when it bought a minority stake in Adani Power Private for $227m.
Copyright © 2007 AltAssets
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