MOPE invests $15m in India Energy Exchange
Motilal Oswal Private Equity (MOPE) has invested INR980 million ($14.8 million) in India Energy Exchange, buying a 4.1% stake from Jindal Power.
IEX is an online energy trading platform with more than 3,000 participants that allows users to engage in trading, clearing, and settlement operations. The company has several private equity backers, including Multiples Alternative Investment Management and TVS Capital.
It was formerly sponsored by Financial Technologies India (FTIL), until credit troubles with a subsidiary in 2014 resulted in a regulatory decree that FTIL could not hold a stake in any stock exchange. FTIL first sold a 19.1% stake to a consortium including Aditya Birla Capital Advisors and DCB Power Ventures, and later exited its remaining stakes to Madison India Capital and Milltec, a portfolio company of Multiples.
Jindal Steel & Power, which owns Jindal Power, was seeking a buyer for its stake in order to reduce its debt burden. The company has suffered in recent years due to a downturn in demand for steel from China and an increase in coal taxes.
MOPE bought its stake through India Business Excellence Fund (IBEF) II and a parallel vehicle. The GP closed IBEF II at $155 million in 2013; the fund invests in mid-market companies, preferring the domestic consumption, financial services, healthcare and niche manufacturing sectors.
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