Franklin Templeton Private Equity Strategy, the investment product offered to high net worth individuals in India, has invested Rs600 million in Hyderabad infrastructure firm GKC Projects Limited.

GKC, which provides construction services in key areas, including power and pipelines, roads, and irrigation, is preparing to expand further toward larger and more complex projects like mining and railways this year. The funds generated from FTPES will be used to execute pipeline projects and enable the acquisition of larger ventures, the company said in a statement Tuesday. Details of the transaction were not disclosed.

India is touted to lead in the Asian region in terms of infrastructure and wealth creation opportunities over the next years. The objective of FTPES, which is managed by Franklin Templeton Asset Management (India) Pvt Ltd, is to make selective investments in high growth, mid-sized unlisted companies in India.

The great volume of untapped and underinvested wealth in India has prompted both local and international firms to set up either new services or offices in the country to cash in on this lucrative market. According to latest Forbes India Rich List, there are 52 billionaires in the country as of 2009, from just 27 in 2008. The combined net worth of India's 100 wealthiest individuals actually accounts for one-fourth of the state's gross domestic product at $276 billion.