Indu Projects raises 113 million from Credit Suisse

Indu Projects, a Hyderabad based infrastructure company has raised $113 million (about Rs 476 crore) from Credit Suisse, the Swiss investment bank. Indu Projects is a growing infrastructure company with interests in real estate, housing and market infrastructure. Indu will receive about $77 million (Rs 325 crore) in the first tranche of the funding and the balance would flow in the next 90 days. “The fund will be used for both our existing and future requirements. Credit Suisse has seen the potential in this market and the business plan we have,” Indu chairman and managing director I Syam Prasad Reddy told DNA Money on Thursday.

Founded in 2001 by Reddy, Indu recorded a turnover of over Rs 1,300 crore, with businesses in the areas of core infrastructure, theme ventures, end-to-end solutions and real estate. The company is currently building health cities and agri-parks across India. Indu currently has an equity base of Rs 15 crore, and the promoters hold 70% stake. Credit Suisse will get a 10% stake, while the rest 20% of it is shared by Citigroup Venture Capital, Maple Holdings, IDFC, Sun Apollo and Red Fort Capital. While this plan of theme parks is being finalised, the company is already in the housing market in the state.