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This is an archive article published on July 2, 2010

Blackstone buys stake in Monnet Power

Global buyout major,Blackstone Group,has bought a 12.5 per cent stake in power producer Monnet Power Company MPCL for Rs 275-crore.

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Global buyout major,Blackstone Group,has bought a 12.5 per cent stake in power producer Monnet Power Company MPCL for Rs 275-crore.

MPC,a subsidiary of steel-maker Monnet Ispat and Energy,is registered in Raipur and is currently in the process of developing a 1,050 MW,coal-fired power plant in Orissa,a release issued here said.

The transaction values the enterprise incorporated in 2006 at Rs 2,200-crore.

8220;we believe that Monnet Power with its mine mouth coal plant has one of the lowest cost of producing power and,hence,is among the best-positioned IPPs in the country8221;,said Akhil Gupta,Chairman and Managing Director of Blackstone Advisors India Private Limited.

MPC8217;s project includes installing an additional 2,000 MW. Monnet Group is India8217;s second largest manufacturer of integrated coal-based sponge iron. It is also into mining coal and power generation for captive consumption.

 

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