The promoters of the company are buying back the stake held by IL&FS, said the Business Standard.
The private equity firm, which is a division of Infrastructure Leasing & Financial Services, invested INR1.25bn ($22m) in the business in 2007-08.
IL&FS and Standard Chartered Private Equity are reportedly targeting an INR33.44bn ($600m) fundraise for their latest infrastructure investment fund.
The new fund, which is expected to close within a dyear, will invest outside of Asia to take advantage of infrastructure growth in the Middle East.
The two firms previously raised $658m for the Standard Chartered IL&FS Asia Infrastructure Growth Fund in 2008.
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