Sadbhav Infrastructure Project (SIPL) today said it has entered into a binding agreement to receive Rs 400 crore from the two global investors, Norwest Venture Partners (NVP) and The Xander Group (Xander).
Norwest Venture Partners (NVP) is a global venture and growth equity investment firm that manages more than $3.7 billion in capital. The Xander Group Inc (Xander) is a global investment firm focused on the infrastructure, hospitality, retail and real estate sectors and have committed over $1.8 billion of equity capital to the Indian market across five dedicated India funds.
"SIPL will use the capital to continue to fund its existing road development projects in India and bid for new road development projects under various national and state highway development programs, as well as other infrastructure development projects," SIPL's Chairman, Vishnubhai Patel told reporters here.
Sadbhav Engineering, the parent company of SIPL, is one of the leading companies in India engaged in engineering, construction and development of infrastructure projects. The company has constructed more than 1,200 km of equivalent four lane highways, and 785 kms are under construction at various stages.
