BackTata Opportunities Fund invests Rs335 crore in Tata Projects
For Rs335 crore investment in Tata Projects the fund acquires stake from four Tata companies
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Hyderabad: Tata Opportunities Fund, a private equity fund advised by Tata Capital, on Monday said it has invested 335 crore in Hyderabad-based Tata Projects Ltd for an undisclosed stake.
Tata Projects is an engineering, procurement and construction (EPC) services company of the Tata Group.
For 2014-15, Tata Projects reported revenue of 3,444 crore and has an order book of over 16,000 crore, the statement said.
The fund has acquired the stake from four Tata companies which held stake in Tata Projects after the company was formed in 1979. The stake has been acquired from Tata Steel Ltd, Tata Motors Ltd, Indian Hotels Co. and Tata International Ltd.
“The fund has been evaluating the Indian EPC space and is looking at a revival in the sector as it comes off a cyclical low. The fund believes that EPC companies will be early beneficiaries of an increase in capital spending in India," Padmanabh Sinha, managing partner of the fund’s advisory team in India, said in a statement.
This is the fund’s first transaction in 2015 and the first in the infrastructure services sector.
Tata Opportunities Fund’s other portfolio commitments include Ginger Hotels, Tata Sky, Varroc Engineering, Shriram Properties and TVS Logistics Services Ltd.
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