JP Morgan fund may invest $400 mn in SKIL Infra

A fund managed by JP Morgan Chase & Co has agreed to invest about $400 million in India's SKIL Infrastructure for a stake of just under 20 percent, two sources with direct knowledge of the development told Reuters.

SKIL, which controls ship-builder Pipavav Defence and Offshore Engineering Ltd and has a 21 percent stake in Everonn Education, will use the funds to pare debt and add scale to its operations, one of the sources said.

[caption id="attachment_82951" align="alignleft" width="380" caption="In June, SKIL Infrastructure filed plans for an initial public offering to raise up to Rs 1,125 crore .Reuters"][/caption]

In June, SKIL Infrastructure filed plans for an initial public offering to raise up to Rs 1,125 crore ($238.1 million).

Both sources declined to be identified because the deal has not yet been announced.

Officials at SKIL and JP Morgan were not immediately available for comment.

Reuters