Source :BS:Reuters:Mumbai:Sep 13,2011:14.40 istA fund managed by JP Morgan Chase & Co has agreed to invest about Rs 1,900 crore in India's SKIL Infrastructure for a stake of just under 20%, 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% stake in Everonn Education, will use the funds to pare debt and add scale to its operations, one of the sources said.
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. A potential deal was reported in June by a leading financial daily.
Officials at SKIL and JP Morgan were not immediately available for comment.
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