Investment in Konaseema Gas Power Limited

    RNS Number : 2144Z
  KSK Emerging India Energy Fund Ltd
  17 July 2008
   

    Not for release, publication or distribution in, or into, the United States, Canada, Australia, Japan, Israel, the Republic of Ireland
or the Republic of South Africa.

 Press Release  17 July 2008





    KSK Emerging India Energy Fund Limited

    ("KEF" or "the Fund")

    Investment in Konaseema Gas Power Limited

    KSK Emerging India Energy Fund Limited (AIM:KEF), an investment company focused on the Indian power and energy sector, today announces
that it has acquired, approximately, a three per cent. holding in Konaseema Gas Power Limited ("Konaseema").  

    In accordance with the terms of the relationship agreement detailed in KEF's admission document, KSK Energy Limited a subsidiary of KSK
Power Ventur plc, has fulfilled its obligation to transfer 12,348,200 equity shares in Konaseema to the Fund at its acquisition cost of
US$6.4 million.

    Based in Andhra Pradesh, South-East India, Konaseema is implementing a 460 MW gas power plant and is expected to start generating power
from January 2009. Konaseema has entered into a Power Purchase Agreement (PPA) with the local utility to sell 356 MW out of 460 MW and
proposes to sell the balance power at spot rates. In order to take advantage of large gas availability and existing infrastructure at the
site, Konaseema is also planning to expand its capacity by setting up another 820 MW unit. Konaseema has already entered into a power
purchase agreement for the additional capacity and a loan required for this expansion project has been secured. 

    Tanmay Das, Non-Executive Director of KSK Emerging India Energy Fund Limited, said: "At the time of KEF's admission to AIM we stated
that we would move quickly to invest the capital raised. As such we are delighted to announce our first investment in Konaseema which we
believe represents an excellent opportunity for the Fund and its shareholders."

    - Ends -

      For further information:
 KSK Emerging India Energy Fund Limited
 Tanmay Das, Non-Executive Director      Tel: +44 (0) 20 7398 7715
                                              www.ksk-eiefund.com 

 Liberum Capital Limited
 (Financial Adviser and Broker)
 Steve Pearce                     Tel: +44 (0) 20 3100 2224
 steve.pearce@liberumcapital.com     www.liberumcapital.com

 Grant Thornton UK LLP
 (Nominated Adviser)
 Philip Secrett             Tel: +44 (0) 20 7728 2578
 philip.j.secrett@gtuk.com               www.gtuk.com

    Media enquiries:
 Abchurch Communications Limited
 Henry Harrison-Topham / Justin Heath  Tel: +44 (0) 20 7398 7715
 justin.heath@abchurch-group.com          www.abchurch-group.com

    Notes to editors

    KSK Emerging India Energy Fund Limited is a newly incorporated Guernsey registered closed ended investment company established to make
investments in companies engaged in the Indian power and energy sector. The Fund will target investment in businesses that operate across
the Indian power and energy sector value chain including those involved in the development of the sector's infrastructure. Although the
Fund's investments will primarily be focused on such businesses in India, the Fund may, if deemed appropriate, invest in companies that are
based outside India but have the potential to benefit from the Indian power and energy sector. The Fund's objective is to target investment
opportunities that have a projected realised IRR in excess of 20 per cent.

    Disclaimer

    This press release is not for distribution (directly or indirectly) in or to the United States, Canada, Australia, Japan, Israel, the
Republic of Ireland or the Republic of South Africa or any other jurisdiction in which the same would be unlawful. This press release is not
an offer of securities for sale in or into the United States, Canada, Australia, Japan, Israel, the Republic of Ireland or the Republic of
South Africa. This press release does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any
offer to purchase or subscribe for, any Ordinary Shares of the Fund.

    Interests in the Fund may not be offered directly to members of the public in the Bailiwick of Guernsey. The "public" means any person
not regulated under any of Guernsey's financial services regulatory laws within the Bailiwick of Guernsey.

    Some of the information contained in this press release contains statements that are, or may be deemed to be forward-looking statements.
Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future
conditions. Because forward-looking statements relate to the future, they are, by their nature, subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict. We caution you not to rely on any such statements as statements of historical fact
or as guarantees or assurances of future performance. Save as required by law, by the AIM Rules, by the CISX Rules or by the Listing Rules,
Disclosure and Transparency Rules or Prospectus Rules of the Financial Services Authority, we undertake no obligation publicly to release
the results of any revisions and updates to any forward-looking statements in this press release that may occur due to any change in our
expectations or to reflect events or circumstances after the date of this press release.

This information is provided by RNS
The company news service from the London Stock Exchange
 
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