PE investment on Bangalore Mysore Expressway
Nandi Infrastructure Corridor Enterprise Limited has raised a private equity fund for the Bangalore-Mysore expressway.The total estimated cost of construction of the highway is Rs 4000 crore.
The Bangalore-Mysore Expressway project which has been in the making for nearly 16 years, raised $100 million from a private equity fund owned by J P Morgan for the first phase of the project. 62 km of road is constructed under the first phase of the project.
The second and third phase of the project is involving around 36 km and 60 km of road respectively is costing another Rs 2,000 crore.
Bankers close to the deal indicate that NICE has detailed plans to raise a total of $200 million from private equity players besides the $100 million already raised through J P Morgan.
Once the road is completed, it will connect NH4 and NH7 which is Chennai in the south to Mumbai in the west without crossing central Bangalore by a fast, grade-separated peripheral road.
Global private equity majors Goldman Sachs, 3i Group, Standard Chartered are among the few funds which are understood to be in discussion for this round of funding which is expected to be in the range of Rs 300-400 crore.
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Source: Business Standard
Bangalore-Mysore expressway, high way, Infrastructure in bangalore, PE investment in Infrastructure, PE investment in real estate
