Financial services-focused private equity house Apis Partners has agreed to invest up to $110m in Indian infrastructure refinancing business L&T Infra Debt Fund.
The deal sees Apis take a minority stake of up to 25.1 per cent in L&T IDF, a specialised re-financer of operating infrastructure projects in India with a loan book of US$1.1bn.
L&T IDF is a subsidiary of L&T Finance, part of Indian multi-national engineering and infrastructure conglomerate Larsen & Toubro Group.
The company provides long-term refinancing to private sector and PPP infrastructure projects across multiple high-growth infrastructure sub-sectors, including alternative energy projects, such as solar and wind, and highways.
Apis co-founder and managing partner Udayan Goyal said, “We are excited to partner with L&T IDF’s experienced team.
“The Company has an exceptional track record in refinancing high potential infrastructure projects and raising funds at competitive fixed rates in tenors of up to 20 years, whilst maintaining perfect asset quality.
“We look forward to helping the team to expand its presence in international capital markets and to create further efficiencies through digitisation and the use of technology across its operations.”
Fellow Apis co-founder and managing partner Matteo Stefanel added, “With India projected to be the fastest growing infrastructure market over the next five years, we are delighted for the Fund to invest in L&T IDF.
“The Fund’s investment will support the Company in its mission of facilitating infrastructure growth, a critical factor for the development of industry, agriculture and trade in emerging markets.”
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