IDFC

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Investee: IDFC

Investor: KNB

Investment Value: $180 mn

FIIs and QIPs are gung-ho about infrastructure development in India. IDFC has been a key player in attracting investment from foreign players. In 2005, when infrastructure development gained momentum, IDFC was responsible for financing nearly 25% of the projects. For KNB, this deal meant having a share of the pie that this sector can offer. Just after a year, KNB’s investment of $180 million has swelled to $440 million. This deal may pave way for other Malaysian firms wishing to invest in India. It can also work the other way round, when IDFC and its investors contemplate investing in Malaysia.

On November 13, 2007, Khazanah Nasional Berhad (KNB), an investment arm of the Malaysian government, picked up a 9.95% stake in Infrastructure Development Finance Company (IDFC) for $180 million. The aforesaid investment was made through a wholly-owned subsidiary of KNB, Sipadan Investments (Mauritius) Ltd. KNB acquired 10.1 crore shares of IDFC from UBS. With this block-deal, KNB became the second largest stakeholder of IDFC, after the Indian government which holds nearly 23% in the company. According to KSB, “It is a strategic investment, as the Indian realty sector is projected to experience one of the highest growth rates in the booming Indian economy.” The primary focus of IDFC in the coming times would be on energy and transportation. IDFC currently has major investment in 22 different infrastructure related firms. The company also manages two funds, viz. IDFC Development Fund and IDFC private equity fund. As of now, the company has investments totalling $8 billion in various projects. Yet again, the PE players are getting into high-growth and potentially lucrative areas.

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Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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