India deals spike in Q1

PE investments doubled to $2.3 billion in the first three months of the year.

Driven by two private equity infrastructure deals, investments in India reached $2.3 billion during the first quarter, nearly double the amount during the same period a year prior, according to preliminary data from Venture Intelligence.

The Q1 figure was across 89 deals and it excludes real estate. Venture capital-type investments accounted for 51 of the transactions. 

During the same period in 2013, deal value reached $1.2 billion across 103 transactions.

Five deals were $100 million or more compared to just one such transaction during the same period in 2013. 

The largest was a $332 million investment in L&T IDPL, the infrastructure development arm of engineering company Larsen & Toubro, by the Canada Pension Plan Investment Board (CPPIB), Caisse de depot et placement du Quebec (CDPQ) and SGRF, the sovereign wealth fund of Oman.

In another large infrastructure deal, Canadian pension fund PSP Investments and IDFC will together invest $326 million in power plants operated by Jaiprakash Power Ventures. 

The IT sector also was active. The largest deal was the $260 million buyout of Minacs, the business process outsourcing unit of the Aditya Birla Group, by CX Partners and Capital Square Partners.