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Mon 21 May 2007 02:32 PM

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Bahrain seeks $395mn for India project

The kingdom's Gulf Finance House is looking to raise the money to fund its Energy City India project.

Bahrain's Gulf Finance House (GFH) plans to raise $395 million through a private placement to fund its Energy City India project, which aims to tap the country's soaring energy demand.

The investment is expected to make a return of 75 percent over three years, Gulf Finance House said in a statement, adding the offer was only open to institutional investors with a minimum subscription level of $250,000.

"India has tremendous energy needs which are growing by the day... We are already witnessing a steady expansion of energy related infrastructure and capacity," Chief Executive Officer Esam Janahi said in the statement late on Sunday.

The energy city in the western state of Maharashtra will provide business infrastructure for oil and gas producers, downstream refiners, producers and firms involved in shipping, energy trading and support services.

Gulf Finance House is building a similar energy city in the Gulf state of Qatar. The firm has investments in the Gulf Arab region, Jordan and Morocco, and has said it is eyeing opportunities in China.

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