The SITAC group had earlier concluded an agreement with the state government of Gujarat, to develop 250MW wind power generation assets in the state.
Total cost of developing the assets is pegged at INR17.5bn ($325m) with 50MW wind generation capacity to be built in the first phase.
GVFL executive director H C Pattnaik told the Economic TImes, "We picked an equity stake in SPV of SITAC group formed to execute wind farm projects in Gujarat.
"GVFL has sanctioned Rs 40 crore for the phase-I project of 36 MW wind farm proposed to come up near Rajkot."
Investors aside from GVFL can also invest in the first phase of the project to develop the remaining 14MW assests, added Pattnaik.
The company made the investments through the Golden Gujarat Growth Fund, which has an INR10bn ($180m) corpus dedicated to infrastructure developments.
