Morgan Stanley wants Indian wind power business
Morgan Stanley is hoping to acquire a wind power business in India.
The US-based investment bank has joined the race to buy real estate firm DLF's wind power business.
DLF's wind power business, which was put on the block recently to raise cash to pare debt, is likely to be valued at about Rs 1,000 crore, investment bankers close to the transaction said.
This is slightly lower than the Rs 1,200 crore Morgan Stanley paid recently to buy a majority stake in wind energy firm Continuum Wind Energy with the capacity to operate 215 MW. Addition of DLF's assets will increase the capacity by another 220 MW. DLF shareholders have already approved the sale.
"Morgan Stanley is keen on buying DLF's business to consolidate wind power assets in India," said an investment banker close to the transaction. Morgan Stanley Infrastructure Partners, the arm of the US-based investment bank, is likely to invest in the New Delhi-based company's wind power business.
Bharat Light and Power, a cleantech company promoted by former president and chief executive of GE India, Tejpreet Chopra, and the Hyderabad-based Mytrah Energy are among others interested in the purchase. Management consultancy Pricewaterhousecoopers is involved in the transaction.