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PE firm I Squared Capital invests $100 mn in Gram Power for a controlling stake

The funds will be raised for the large green hydrogen and green ammonia project at the SEZ at Duqm in Oman, which will require an investment of around $6 billion. bloombergPremium
The funds will be raised for the large green hydrogen and green ammonia project at the SEZ at Duqm in Oman, which will require an investment of around $6 billion. bloomberg

  • According to Yashraj Khaitan, co-founder and CEO of Gram Power, this is I Squared Capital’s first investment in the smart metering space in India while it has, so far, invested about $1.7 billion in India’s infrastructure assets including the renewable energy space

Global private equity firm I Squared Capital on Tuesday announced that it has invested $100 million ( 826.55 crore) in smart metering firm Gram Power (India) Pvt. Ltd, picking a controlling stake in the Jaipur-based firm. 

Gram Power is a wholly-owned subsidiary of Singapore-based Polaris Smart Metering Pte Ltd. In view of this acquisition, the former will soon be rebranded as Polaris, however, the enterprise value of the transaction could not be ascertained. 

I Squared Capital, with over $36 billion worth assets under management, made this investment via its $2-billion ISQ Growth Markets Infrastructure Fund that aims at investing in the infrastructure sector across growth markets in Asia and Latin America. 

According to Yashraj Khaitan, co-founder and chief executive of Gram Power, this is I Squared Capital’s first investment in the smart metering space in India while it has, so far, invested about $1.7 billion in India’s infrastructure assets including the renewable energy space. 

The invested funds will be used to upgrade Gram Power’s manufacturing capabilities to global standards, invest in research and development, talent upskilling and acquisitions, and participate in upcoming tenders, as per a press release. 

 “This investment by I Squared Capital will create the right synergies for our growth by helping us acquire, finance, and execute large scale projects while building world-class manufacturing facilities, expanding our service offerings, and investing in top quality talent," Khaitan said. 

Founded in 2012 by Khaitan in California, Gram Power often works with the government after participating in a competitive bidding process to execute smart metering projects. It also works with corporates to offer its smart metering solutions for reducing energy costs. 

According to a research by Polaris Market Research, the global electricity meters market size is expected to reach USD 16.98 billion by 2030, growing at annualized rate of 6.3%. 

Among some recent developments in the power sector, Mint reported that India’s largest pure-play solar platform, the ACME Group, has given a formal mandate to Rothschild and Co. to raise $500 million equity by selling a stake in ACME Cleantech Solutions Pvt. Ltd. 

The funds will be raised for the large green hydrogen and green ammonia project at the SEZ at Duqm in Oman, which will require an investment of around $6 billion.

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