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Jacob Ballas PE buys minority stake in PNC Infratech

Jacob Ballas PE buys minority stake in PNC Infratech
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First Published: Thu, Jan 13 2011. 05 01 PM IST
Updated: Thu, Jan 13 2011. 05 01 PM IST
Mumbai: Mauritius-based private equity investor Jacob Ballas has purchased a minority stake in Agra-based unlisted infrastructure company PNC Infratech Ltd., an infrastructure development company which builds roads and runways for Rs 150 crore.
Pradeep Kumar Jain, chairman and MD, PNC said that the infusion of funds will help the company strengthen its balance sheet further, enable it to bid for larger projects.
”PNC will use the funds to meet its capital expenditure, working capital requirements and part finance the equity contribution for its BOT projects to be developed in separate SPVs,” he said.
PNC had ended the financial year 2009-2010 with a turnover of Rs 750 crore and a profit of Rs 45 crore.
Sunil Chawla, partner, Jacob Ballas Capital India Pvt Ltd. said, “The company’s diversification into other areas, namely power projects and solid waste management, will also start showing results in the next couple of years. In such infrastructure projects, the typical returns that the PE expects is an annualized return of around 25%.
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First Published: Thu, Jan 13 2011. 05 01 PM IST