Axis Private Equity Limited and IL&FS Financial Services Limited (IFIN) today announced investment of INR 90 crores (USD 18 Mn) in Shalivahana Green Energy Limited (SGEL). Axis PE will invest INR 54 Cr (USD 11 Mn) directly in SGEL and IL&FS Financial Services Limited will invest INR 36 crores (USD 7.5 Mn). SGEL is one of the leading renewable energy players with focus on development and operation of biomass and small hydro power projects. Currently, SGEL has four operational projects having aggregate capacity of 35 MW and is at an advanced stage of developing a number of biomass and small hydro projects at various locations across India. With the capital infusion SGEL is well positioned to expand its capacity to over 250 MW.
This is Axis PE’s fifth investment following previous investments aggregating INR 320 crs in water supply and sanitation, laying oil and gas pipelines, railway EPC and hospitality sectors.
“This investment further reaffirms Axis PE’s commitment to invest in infrastructure related companies in high growth segments such as renewable energy.” says Mr Alok Gupta, MD & CEO, Axis PE.