Private Equity PE Fund Investments
GVK Group’s Alaknanda Hydropower raises Rs.2,000-Cr from Kotak funds
Source GVK Group's (opens in a new tab)Economic Times (opens in a new tab)
Hyderabad-based GVK Group's Alaknanda Hydropower Company has raised INR 2,000 crore debt from Kotak Strategic Situations India Fund, Kotak Infrastructure Investment Fund, and Kotak Private Credit Fund by way of privately placed rupee bonds. The bonds carry a coupon of 12% and mature in 2039.The funds raised will be used to repay existing lenders including Axis Bank, Power Finance Corporation, IDBI Bank, Life Insurance Corporation of India, and Punjab National Bank.The Alaknanda Hydropower project, a 330 MW run-of-river hydroelectric power plant, is located on the Alaknanda River in Shrinagar, Uttarakhand.