GVR Infra Projects raises Rs 150 crore from IDFC Private Equity

MUMBAI:GVR Infra Projects (GVR) on Friday said it has raised Rs 150 crore as private equity investment fromIDFC Private Equity (IDFC PE).

"While GVR is proud of its achievements in a short span of 11 years, we believe that the potential for growth is immense and there is still a lot more to be achieved. We are passionate about infrastructure and are extremely delighted to have an experienced investor likeIDFC PE as our partner," GVR Managing Director K Ganga Prasad said in a statement.

Chennai-based GVR has clocked Rs 1,000-crore revenue in FY11 and has an order book of Rs 4,200 crore.

"GVR has an excellent management team and their strong order book position, coupled with profitable growth over the years, is a testimony to their execution capabilities," IDFC PE Partner S G Shyam Sundar said.

"We are positive on the roads sector as we expect strong order inflows at the national and state level. We also believe that Railways and urban infrastructure sectors, where GVR has a presence, will open up in a big way in the coming years," Sundar said.

In its eight years of existence, this is only the third investment by IDFC PE in the roads sector.

Previously IDFC PE invested in L&T Infrastructure Developers and Ashoka Buildcon.