Brookfield Asset Management buys 6 road 3 power projects in India

2015-08-30 08:13:43

(MENAFN- ProactiveInvestors) Brookfield Asset Management (TSE:BAM.A) a Canadian alternative asset manager bought six road and three power projects from India's Gammon Infrastructure Projects Limited.

A consortium that includes Brookfield and the Core Infrastructure India Fund Pte Ltd are buying the projects six of which are operational.

"This transaction represents Brookfield's first major investment in Indian infrastructure and provides us a great platform to participate in the Indian growth story over the long term" Anuj Ranjan Managing Partner at Brookfield said in a statement.

The deal includes an immediate cash payment of 5.63 billion rupees ($85 million) and future undisclosed sums based on certain performance targets being met Reuters reported.

The deal is one of the largest asset sales at one go in the Indian infrastructure space.

The purchase comes days after Indian government has allowed highways developers to divest 100% equity in projects two years after the completion by making additional funds available for investment in projects.

Brookfield is a global asset manager with more than $200bn in assets under management. Core Infrastructure India Fund is a private equity group run by India's Kotak Mahindra.

Shares of Brookfield wavered between gains and losses in Toronto on Friday. They were trading at C$42.05 down 0.4%.

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