Indu Projects receives USD 77 mn from Credit Suisse

Infrastructure major Indu Projects on Thursday said it has received an investment of USD 77 mn from Swiss banking major Credit Suisse.This is the first tranche of an overall investment of USD 113 mn, a company release said here."This substantial investment will help us create value by expanding our presence within India. It is also an important step in our diversification, wherein we plan to utilise our partner's global reach," the company's Chairman and Managing Director, Syam Prasad Reddy, said.

This investment bolsters Credit Suisse's long-term commitment to India. We see this as a tremendous opportunity to participate in the strong growth of the country's real estate and infrastructure sectors," Credit Suisse Managing Director and Head of Real Estate Finance, Asia Pacific, Samir Nayar said.Avendus Capital was the sole advisor to this transaction.The Indu Group, with a sizeable presence in the south and west of the country, has a diversified business in the area of core infrastructure with several irrigation, road, railway and BOT (build, operate and transfer) projects under its belt.The firm plans to enter contract coal mining and build agro-food parks and rural transformation centres.