Indian infrastructure service company Feedback Infra Private Limited announced that it has raised Rs. 685 crore ($105 million) capital investment from Asian private equity manager ADV Partners.
According to a company announcement, the investment will see ADV Partners becoming a shareholder in the company, after acquiring stake from two existing shareholders L&T Infra Finance and IDFC.
“L&T Infra Finance has transferred its stake completely to ADV and IDFC has reduced its stake to comply with bank regulatory norms,” the company statement said. The only other external shareholder in Feedback Infra is HDFC.
Feedback Infra provides advisory services and also manages operations and maintenance for power projects and roads. It has 8,100 employees and associates and is present in 34 countries across Africa, the Indian sub-continent, Middle-East, and South-East Asia.
The new investment will be used to fund the company’s growth.
“The primary objective of the recently concluded financial transaction is to reduce current debt and provide for capital for the next phase of growth,” the statement added.
Feedback Infra has been providing consulting services for new and existing projects in the sectors of transportation, energy, and urban infrastructure for three decades.
The company currently owns three subsidiary companies: highway tolling, operations, and maintenance company Feedback Brisa Highways, power plant operation and maintenance company Feedback Power Operations & Maintenance Services and electricity distributor Feedback Energy Distribution Company.
The company had raised Rs 100 crore via non-convertible debentures in 2011, before raising Rs 150 crore term loans from its institutional shareholders in September 2015, according to a January 2017 report by ratings firm ICRA Ltd.
The Asia-focused private equity fund raised $500 million for its debut fund in 2015 and has a current portfolio of 10 investments across India, China and South East Asia.