Motilal Oswal Private Equity (MOPE) managed two funds have acquired 4.1 per cent stake in Indian Energy Exchange (IEX) from Jindal Power for Rs 98 crore.
"MOPE advised India Business Excellence Fund - II and India Business Excellence Fund - IIA have acquired 4.1 per cent stake in IEX from Jindal Power for a total consideration of Rs 98 crore," the company said in a statement here.
IEX provides a platform for trading electricity and renewable energy certificates.
"IEX is a one of the best bet on the undergoing power sector reforms without taking any balance sheet risk," MOPE Managing Director and CEO Vishal Tulsyan said.
He further noted that with the power generation capacity and transmission capacity improving, the volume of power traded on exchanges will increase substantially and IEX is well poised to benefit from this transition.
"As reliability of power supply improves, power exchanges, being the most transparent way of price discovery are well positioned to enhance its share from current level of 3 per cent of total power requirement," MOPE Chairman Raamdeo Agrawal said.
