Bahrain's GFH raises $630mn for Energy City India

by Reuters Monday, 22 October 2007

Bahraini Islamic investment bank Gulf Finance House (GFH) said on Monday it had raised $630 million from its clients for an Indian infrastructure project, and would seek more cash for other investments.

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Investors offered 60% more funds than Gulf Finance was looking to raise in equity for Energy City India, a business hub for the oil and gas industry in the western state of Maharashtra, Acting Chief Executive Peter Panayiotou said.
Gulf Finance was offering investors a 75% return over three years, he said.

"Investors know that India's economy is being redeveloped and infrastructure is a priority of the government... the margins on infrastructure in India are very positive," Panayiotou told Reuters by telephone.

The energy city provides business infrastructure for oil and gas producers, refiners, and companies involved in shipping, energy trading and support services.

Gulf Finance is planning three other infrastructure projects in the area and would be raising money to fund them, Panayiotou said, without being more specific.

The investment firm is also involved in a similar energy city project in the Gulf state of Qatar. It has investments in the Gulf Arab region, Jordan and Morocco, and has said it is looking at opportunities in China.



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