Tata, ICICI Venture to launch power platform

The platform will raise an initial capital of up to $850 million to be contributed by the sponsors and partner investors either directly or through affiliates.

By: ENS Economic Bureau | Mumbai | Published:September 10, 2016 1:40 am

Tata Power’s wholly owned subsidiary Tata Power International Pte Limited and ICICI Venture have announced the creation of a platform company to facilitate investment in power projects in India in the coming two-three years.

The platform has commitments from partner investors like CDPQ of Canada, Kuwait Investment Authority (KIA) and State General Reserve Fund (SGRF) of the Sultanate of Oman which are some of the largest investors globally.

The platform will raise an initial capital of up to $850 million to be contributed by the sponsors and partner investors either directly or through affiliates. “This can be upsized going forward, depending on market opportunities. The platform targets acquisition of controlling stakes in power generating companies, both conventional thermal, hydroelectric and transmission assets in India,” Tata Power said.