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3i to Invest $44.4 Million for Minority Equity Stake in Navayuga Engineering Company Limited
3i, a leading global private equity company, recently announces that it will invest $44.4 Million in Navayuga Engineering Company Limited (“NECL”).
NECL is a leading player in the infrastructure construction industry and is specialized in undertaking multi-disciplinary EPC (engineer, procure, construct) contracts in ports, irrigation, hydropower and bridges. It has an order book in excess of $1 Billion and an impressive track-record in quality and delivery. It has embarked on an ambitious expansion plan through investments in BOTs (build-operate-transfer projects) in specific areas such as ports and hydropower.
Announcing the partnership with 3i, Mr. C V Rao, Chairman of NECL said, “We are excited to have 3i as our equity partner. Through its global network and experience, 3i will help us partner with international players in new areas, bring a fresh perspective in evaluating various strategies and help us improve our systems prior to an IPO. They worked very closely with our team to complete the process in a very short time-frame.”
Commenting on the transaction, Mr. Anil Ahuja, Managing Director, 3i India said, “India is witnessing significant growth in infrastructure investments particularly through public-private partnership funding mechanisms. We have been impressed with what Mr. Rao and his team have achieved so far. NECL clearly has the potential to become a Top-5 player in this space and we at 3i are excited and strongly believe in its growth potential. We are committed to supporting NECL achieve its growth aspiration.”
The Indian infrastructure space has seen tremendous growth in the past few years driven by government spending to sustain economic growth, reforms in central policies and the success of user-pay models that make it viable to use new funding mechanisms such as BOTs. With an emphasis on timely delivery and quality, NECL has made steady progress delivering complex, high quality projects in optimum time.
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