Navayuga Road Projects (NRPL) received 550 crore investment from Piramal Enterprises' Structured Investment Group via optionally convertible instruments like debentures.
Structured Investment Group handles the proprietary investments for the diversified pharma to financial services conglomerate. NRPL is the road subsidiary of the 3,000 crore Navayuga Engineering Company (NECL).
Piramal Enterprises is also in the process of deploying another 500 crore via similar convertible debentures in Green Infra, one of the largest wind IPPs in the country backed by IDFC Private Equity.
Green Infra has so far received 450 crore investment from IDFC through two of the latter's funds. Green Infra has a portfolio of 300 mw of wind IPPs spanning across Maharashtra, Rajasthan, Gujarat, Tamil Nadu and Karnataka at an estimated valuation in excess of 1,000 crore.
The company is looking at a 600 mw operating capacity by 2013-14. IDFC Capital is the advisor in both the transactions.
Piramal Enterprises feels that Indian infrastructure needs capital more than ever. The company has a flexible pool of capital from its balance sheet and has the ability to deploy $2 billion over the next five year, a top official of the firm said.