IDFC Project Equity Co Ltd, a 100% subsidiary of IDFC and a leading infrastructure equity investment manager in India, is poised to invest about $110 million in the next few weeks to pick up stakes in two major infrastructure projects in the country.

Sources close to the development said that the company is all set to pick up a stake is the Gujarat-based city gas distribution firm, Sabarmati Gas Ltd (SGL), which is jointly promoted by BPCL and Gujarat State Petroleum Corporation.

SGL is developing gas distribution networks in the Gandhinagar, Mehsana and Sabarkantha districts of Gujarat. The company has registered a turnover of Rs 96.80 crore for the financial year ended March 31, 2008, with profit after tax of Rs 4.73 crore.

IDFC Project is likely to pick up 16.62% stake in the gas distribution firm.

Apart from this, IDFC Project Equity is also ready to pick up stake in the power generation sector.

It should be noted that in March this year the company announced an investment of Rs 350 crore in Essar Power Ltd, a power production company headquartered in Mumbai, for part financing the equity for its ongoing projects.

(Via StockWatch. Contributed by Rohit Kapoor)