London-based private equity firm 3i Group has picked up a minor stake in Adani Power for Rs 900 crore ($227 million).The investment was made through 3i Group's investment vehicle, 3i IIF GP, formed with India Infrastructure Finance Company last April.Adani Power is developing a 2,640 Mw, imported coal-based thermal power plant in Gujarat. The project, launched in June last year, is expected to become operational by 2009 and achieve full capacity by the close of 2010, according to a press release issued today.Adani Power is a fully-owned subsidiary of Adani Enterprises and a part of the Ahmedabad-based Adani group.Commenting on the transaction, 3i's Asia managing director and co-head Anil Ahuja said: "Through this transaction, we have invested in a landmark power generation asset as well as reaffirmed our confidence in the Adani group whose Mundra Port was backed by us in 2005.""The Adani group is an extremely competent partner which has demonstrated its ability to conceptualise and execute large-scale infrastructure projects," he added.Adani group chairman Gautam Adani said the group was planning to generate close to 7,500 Mw of power by 2015. "We have already firmed up a 2,640 Mw project at Mundra, and have commenced work for another 2,000 Mw project at Tiroda in Maharashtra. We see 3i as a committed partner who adds value to our business," Adani said.
