IOT Infrastructure & Energy Services Ltd, JV of Indian Oil Corporation and Oiltanking GmbH, today said it has raised Rs 100 crore from India Infrastructure Development Fund, the private equity arm of UTI AMC.

IIDF has invested Rs 100 crore in the company through a share subscription arrangement, a company statement said.

After the deferment of its IPO process initiated in 2010, due to acute volatility in the stock market, IOT explored alternatives to meeting fund requirements and private equity was selected as a sound immediate option, the release said.

The fresh investment will help IOT meet its capital requirements for various projects including the over 1.4 million kilolitre capacity petroleum product facility at Indian Oil Corporation's 15 million MTPA Refinery in Paradip, Orissa and the proposed 1,92,520 kilolitre capacity Common User Terminal in Raipur, Chhattisgarh.

"In 2010, we decided to raise equity through a public offer for our projects in India, but eventually opted for private equity funding due to unfavourable market conditions for an IPO. IIDF's investment has placed our valuation higher than what was envisaged

during the planned IPO," IOT Managing Director Jayanta Bhuyan said.

Over 80 per cent of IOT's revenue is generated from its Engineering, Procurement and Construction (EPC) services and the remaining from its Terminalling and Upstream Services businesses.

In November 2010, the management at IOT decided to carve out separate Power and Civil divisions to harness the vast potential of infrastructure projects in India and abroad.