INDIA BUSINESS WORLD - JANUARY 16th - JANUARY 31st
- 2008
US CO FRONTLINE BUYS 10% STAKE IN FUTURA
US-based private equity firm Frontline Ventures has picked up 10% stake in Mumbai-based infrastructure and real estate firm Futura Infraprojects for $40 million. This deal values Futura at $400 million. "The equity dilution is part of the company's first round fund raising programme for expansions activities. We are also in talks with various other private equity funds to raise more funds before going public," said Futura Infraprojects managing director Rajesh Kakani.
Futura Infraprojects is one of the infrastructure development contractor of Maharashtra PWD, National Highway Development Authority (NHAI) and state irrigation department. It is also a subcontractor of construction and real estate firms such as Shapoorji Pallonji, Akruti Nirmamn and L&T.
"We are also bidding for a few big projects in Chattisgarh, Punjab and Karnataka. Recently, we bagged the sewerage pipeline work of Navi Mumbai Special Economic Zone," Mr Kakani said. The company has also acquired real estate in the Navi Mumbai, Pune, Nagpur and Aurangabad.
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