Singapore-based, Asian Genco Pte Ltd is about get an infusion of $425 million by a group of foreign investors. This includes Morgan Stanley’s infrastructure arm, Goldman Sachs and General Atlantic.
There are other firms also who are aiming to grab a share in the company. These include Norwest Venture Partners, Everstone Capital and PTC India Financial Services.
The news was revealed by General Atlantic.
The private equity firms are aiming to grab a share in the Indian power sector through this investment.
Asian Genco holds big assets in India and is looking forward to build a portfolio of 10,000 megawatts (MW) of power generation assets by 2012.
Gautam Bhandari, MD, Morgan Stanley Infrastructure, India said that the company is trying to raise funds through these investment options for the purpose of making this portfolio and to be able to fund its ongoing projects. He was talking to a private news agency, Reuters.
Currently, it has 3,900 MW under itself.
He also did not reject the option of coming up with a public issue. But, Bhandari believes that this is not the right time for that and they need to wait for some more time.