Gayatri Projects Looking for $250M

Indian construction and energy firm Gayatri Projects Ltd. is hoping to raise $250 million from private equity firms, Reuters reported, in effort to fund its power projects. The company is aiming to close on a round this summer, and may launch its rights issue by June, Reuters reported.

(Reuters) – Construction and power firm Gayatri Projects Ltd is looking at raising $250 million from private equity players for its power projects by June-August and may launch its rights issue by June, a top official said on Friday.

The company expects to win orders worth 50 billion rupees in FY12, mainly from roads and infrastructure projects, adding to its current order book of about 90 billion rupees, Managing Director T.V. Sandeep Reddy told Reuters in an interview.

“We are hopeful of getting two-three (National Highways Authority of India) projects this year… We have bid for Ahmedabad-Baroda project.”

(Reporting by Rajesh Kurup and Ketan Bondre; Editing by Rajesh Pandathil)