Tata Power's wholly-owned subsidiary Tata Power International Pvt Ltd and ICICI Venture on Friday announced creation of a platform company to invest in power projects in India in the coming two-three years.
"The platform targets acquisition of controlling stakes in power generating companies, both conventional thermal, hydroelectric and transmission assets in India," a statement said.
Platform would invest in projects which are in advanced stages and near operational readiness or operating. It will raise an initial capital of up to $850 million to be contributed by the sponsors and partner investors either directly or through their affiliates.
"It has been our constant endeavour to leverage opportunities in the Indian power sector and create stake holder value through organic and inorganic means. This Platform is one such step in this direction for assets that would be win-win for all stakeholders," said Tata Power CEO and Managing Director Anil Sardana.
In the platform company, there are also some global partner investors - Caisse de depot et placement du Quebec (CDPQ) of Canada, the Kuwait Investment Authority (KIA) and the State General Reserve Fund (SGRF) of Oman.
"Insightful understanding of the lndian infrastructure ecosystem supported by discerning long term global capital would provide a framework for investments with an optimum risk-return profile and also act as a catalyst for revitalization and growth of the Indian Power sector," said Mohit Batra, Executive Director, ICICI Venture.
--IANS
bdc/vd
Disclaimer: No Business Standard Journalist was involved in creation of this content
