Blackstone's Indian power trip
The Blackstone Group looks to be eyeing India’s power industry in a big way, with its country chairman announcing that the global firm may pump $1 billion into the sector, coming off the back of its $300 million investment in power developer Moser Baer Projects.
Reports cited Blackstone India's Chairman and Managing Director Akhil Gupta as saying at a conference that, "if we find good deals we would not hesitate to invest $1 billion." Reports add that the time frame of an investment of this scale would be three to five years.
Blackstone has reportedly sealed its investment deal with Moser Baer Projects Private, which is an unlisted company under the publicly held Moser Baer India. This is Blackstone's second energy-focused investment in India in two months, as it completed its purchase of a 12.5% stake in independent power producer Monnet Power in July for approximately $60 million.
Global reports add that the buyout firm has invested $1.25 billion in 12 Indian companies, and aims to infuse an additional $3 billion into the market over the next five years.
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