3i buys stake in Adani Power

3i India Infrastructure Fund GP Limited has invested Rs. 900 crores in Adani Power Ltd., which accounts for an equity stake of around 8% of the company. Adani Power is fully owned subsidiary of Adani Enterprise Limited currently developing 2640 MW imported coal based thermal power plant at Mundra in Gujarat. The project is expected to be operational by 2009 and attain its full capacity by 2010. The company has also commenced work for another plant of 2000 MW capacity at Tiroda in Maharastra.Commenting on the deal , Anil Ahuja , Managing Director and Co-head of 3i Asia said “ India is witnessing phenomenal growth in power sector, specifically in power generation. Through this transaction we have invested in a landmark power generation asset as well as reaffirmed our confidence in the Adani Group , whose Mundra Port was backed by us in 2005