Nabarro India group powers ahead

8 February 2011

The corporate team has advised OPG Power Ventures plc on its placing to raise £60m.

OPG is a developer and operator of power plants in India and listed on AIM in May 2008 when it raised £65m. India's rapid economic growth has been constrained by power shortages and the government has deregulated the industry with a new open market framework allowing developers into the market. The funds will be used by the Company to fund its capacity expansion plans.

Arvind Gupta, Chief Executive of OPG commented:

"We are delighted with the support for the Placing shown by new as well as existing investors. The funds raised will allow us to execute our planned strategy to substantially increase the number of our projects and our generating capacity at a time when India faces a significant shortfall of supply versus demand. We intend to become a supplier of choice in the Indian power sector".

The team was led by corporate partner Martin Finnegan who was assisted by associates Rebecca Tweddle and Simon Periera. Martin, who also recently acted on the SKIL Ports & Logistics £76 million UK and US placing to develop a Mumbai container port and logistics complex, commented:

"It's always pleasing to see a client you have worked with since IPO not only deliver on its business plan, but also use the listed platform to such good effect in doing so – we're looking forward to seeing OPG progress further and fulfil its ambition to join the Main Market". 

For more information please talk to your usual Nabarro contact or:

Ian Binnie
Partner, Head of India Group
T +44 (0)20 7524 6766
i.binnie@nabarro.com