HONG KONG (Reuters) – Global investment firm KKR & Co Inc is leading a deal to acquire a controlling stake in India Grid Trust (IndiGrid), in a bet on the country’s rapidly growing power sector, people familiar with the transaction told Reuters.

KKR, together with Singaporean sovereign wealth fund GIC, will acquire up to 57 percent of IndiGrid for about $400 million, the people said. IndiGrid’s current market value is about $332 million.

The deal would mark KKR’s first infrastructure investment in Asia since it set up a team late last year that focuses on the sector in the region.

The pair will invest 20.64 billion rupees ($295 million) for a 42 percent stake in the trust via a preference equity issuance, the people said.