Ranjit Gupta and Murali Subramanian, former chief executive officer (CEO) and chief operating officer (COO), respectively, of global private equity firm Actis LLP’s Ostro Energy Pvt. Ltd, are in talks to initially raise $100 million to establish a renewable energy platform in India, said three people aware of the development.
“What we raise will depend on the investors’ interest. We are initially looking to raise $100 million,” said Subramanian. He declined to elaborate. Gupta couldn’t be reached immediately for comment.
In April, ReNew Power Ventures had acquired Ostro Energy at an enterprise value of $1.5 billion, in India’s largest renewable energy deal.
Backed by Actis, Gupta and Subramanian spearheaded the growth of Ostro Energy through a prudent renewable energy auction strategy entailing an equity investment of $280 million and a debt of about $900 million. It helped Ostro Energy leapfrog from one 50 megawatts (MW) project in Rajasthan to 1.1 gigawatts (GW) when it was sold. Read more
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