JPMorgan, 3i Capital to buy stake in BF Utilities: Report

Global private equity companies JPMorgan and 3i Capital is reportedly expected to buy stake worth close to $200 million in BF Utilities. The promoters currently own a little over 66 per cent in the company. BF Utilities is executing the Rs 6,000-crore Bangalore-Mysore expressway for the past two decades.

The company was in the process of restructuring NICE as well as its special purpose vehicle (SPV) subsidiary Nandi Economic Corridor Enterprise (NECE) to enhance shareholder value.

BF Utilities is engaged in power generation through wind mill technology. The company was set up to satiate the power requirements of the Kalyani Group companies, which have business interests in areas of steel making, forging, machining, etc.