GMR Group said three private equity investors have agreed to invest Rs 465 crore in its energy firm GMR Energy. The investment will be used for funding its expansion plans in the energy sector.
The investors — the IDFC Group and its co-investors Argonaut Ventures and Ascent Capital — have signed a shareholders’ agreement to invest Rs 465 crores into GMR Energy, the company said.
The company plans to expand its power generation capacity from 808 mw to more than 6,500 mw over the next few years. It has already achieved financial closure and fuel linkages for GMR Kamalanga (1400 mw) and Emco Energy (600 mw).