US private equity firm KKR & Co LP has agreed to provide about $175 million in financing to GMR Infrastructure Ltd in a debt and equity deal, a source with direct knowledge of the matter told Reuters.
GMR will announce the transaction as early as Tuesday, said the source, who declined to be identified as the information was not yet public.
Both GMR Infrastructure and KKR declined to comment.
Global private equity funds have been increasingly focused on lending, with at least $6.6 billion being raised by 12 funds for investment in Asia, according to Private Equity International and Thomson Reuters data.
KKR has provided over $1.75 billion in loans to companies in India, including Apollo Hospitals Enterprise Ltd, Avantha Group, the holding company of Crompton and Greaves , and Max India.