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GMR Energy receives Rs 100-cr investment

Our Bureau

Mumbai , March 12

GMR Energy Ltd has raised Rs 100 crore of equity from the India Development Fund. The company, operating two plants at Mangalore and Chennai, is one of the largest independent power producer in India.

The fund would be used to set up a new plant at Vemagiri in Andhra Pradesh.

Incidentally this is the first investment by the India Development Fund. Mr Luis Miranda, President & CEO, IDFC Asset Management Co. Ltd would join the board of GMR Energy Ltd. Post the investment, India Development Fund would hold a 15 per cent stake in the company.

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