Energy City will be built over 600 acres in Navi Mumbai
Gulf Finance House announced the launch of Energy City India in response to growing electricity demand.
Energy City will be built over 600 acres in Navi Mumbai, and $395 million in private placement is being launched by GFH to raise the equity, underwritten by Kuwait Investment Company.
Navi Mumbai, or New Bombay, is a planned city built on the outskirt of Mumbai, formerly Bombay.
This will be the second Energy City project; the first was announced in Qatar in March 2006. The projects build clusters of energy-related businesses that include living accommodations, shopping, entertainment, leisure and medical facilities. Nearly all of the plots at the Qatar location have been purchased, raising nearly $500 million.
The business infrastructure of Energy City encompasses foreign and domestic oil and gas, including refiners, producers, shipping, trading and support.
"The $395 million Energy City India private placement offers regional investors with an opportunity to participate in the tremendous prospects being offered by the Indian economy, which is growing at a rate of over 9.2 percent per annum," said Esam Janahi, chief executive officer and board member of GFH.