A fund managed by JP Morgan Chase & Co has agreed to invest about $400 million in India's SKIL Infrastructure for a stake of just under 20 per cent,two sources with direct knowledge of the development said. SKIL,which controls ship-builder Pipavav Defence and Offshore Engineering Ltd and has a 21 per cent stake in Everonn Education ,will use the funds to pare debt and add scale to its operations,one of the sources said. In June,SKIL Infrastructure filed plans for an initial public offering to raise up to 11.25 billion rupees ($238.1 million). Both sources declined to be identified because the deal has not yet been announced. A potential deal was reported in June by India's Economic Times newspaper. Officials at SKIL and JP Morgan were not immediately available for comment.
