GVK Energy Limited (GVKEL), a subsidiary of GVK Power & Infrastructure Limited, has raised Rs. 698 crore ($155 million) from private equity firms Actis and Government of Singapore Investment Corporation (GIC).

AZB & Partners advised GIC with a team led by Partner Vineetha M.G. along with Associates Apurva and Zubin Mehta.

Amarchand & Mangaldas advised GVKEL with a team led by Mumbai Partner L. Viswanathan. GVKEL is a long standing client of Amarchand and last year Amarchand advised GVKEL on the Zurich Airport deal. 

Platinum Partners advised Actis with a team led by Partner Gautam Bhat along with Associate Khusnuma Nagaswala.

VC Circle reports that the deal comes after 3i Group invested Rs. 800 crore in the firm last month, taking the total fundraising to Rs. 1,498 crore ($312.5 million) for an overall dilution of 24.97 percent stake in the infrastructure major's power utility arm. The deal would likely be the first exposure of GIC and Actis to the Indian power utility sector. Both PE firms will invest Rs. 349 crore ($85 million) each, of which Rs. 218 crore ($45.5 million) each will be invested as the first tranche of the deal.

3i Group, the previous investors were advised by Wadia Ghandy Partner Ankit Majmudar.

There have been major deals in the power sector recently with Blackstone's $300 million (Rs. 1,350 crore) investment in Moser Baer Projects, which plans to commission 5,000 MW capacity by 2016.

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