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.
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Energy City To Be Built in Mumbai
Energy City will be built over 600 acres in Navi Mumbai