J.P. Morgan Invests $110M In Soma Group

J.P. Morgan Asset Management is investing $110 million or around Rs 500 crore in Hyderabad-based Soma Group (Rajendra Prasad Maganti, Managing Director), which is involved in construction and development of infrastructure projects in the transportation, hydel power and water resource sectors.
J.P. Morgan, which raised an $860 million Asian infrastructure fund last year, will invest in the company in two tranches, as per this report. SRGR Law Offices advised Soma while Amarchand & Mangaldas advised JP Morgan, the report has stated, quoting one of the legal partners involved in the deal.

-mail queries and phone calls to reach out to Soma Group and J.P. Morgan spokesperson did not elicit any response till the time of posting this story.

Although the specifics of the investment cannot be determined, it may have been done for the funding of Soma’s highway projects unit, which holds its portfolio of BOT (build, operate, transfer) projects in the highways and road sector. Earlier reports had stated that the firm was looking to raise fund for Soma Highway (Toll) Projects Pvt Ltd.

Soma is currently executing nine national highway projects under different Special Purpose Vehicles (SPVs).

Soma Enterprises Ltd, the group’s flagship, is promoted by Rajendra Prasad Maganti and it raised Rs 191 crore from 3i Infrastructure Fund in November 2007. The company started out with irrigation projects and further expanded into areas like tunnelling, roads and hydropower. The company is currently executing projects in various states including Andhra Pradesh, Maharashtra, Tamil Nadu, Punjab, Kerala and Assam

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