AION Capital Partners to Invest INR3 Billion in Jyoti Structures (Asia)

Source: The Economic Times  |  Author: Arijit Barman

AION Capital Partners, a joint venture between alternative asset managers Apollo Global Management and ICICI Venture, is investing INR3 billion (approximately US$47.2 million) in India-based power company Jyoti Structures. AION, which has already committed INR2 billion (approximately US$31.4 million), will acquire a significant minority stake through long-dated structured securities and will deploy the remaining capital in tranches linked to certain performance milestones. Jyoti specializes in power transmission, distribution and engineering, procurement and construction (EPC) projects and intends to use the capital injection to facilitate business expansion in its United States-based subsidiary.