US-based private equity investor Blackstone would pick up minority stake in Deepak Puri-promoted Moser Baer Projects for $300 million (Rs 1,350 crore). The investment would be used by Moser Baer Projects for financing its upcoming power plants.
MBPPL plans to commission 5,000 MW by 2016 comprising of 4,000 MW of thermal,500 MW of solar and 500 MW of hydro capacity. Blackstones investment will enable MBPPL to emerge as a leading player in the India energy sector over the next few years.
Deepak Puri,Founder,MBPPL said: Needless to emphasize the criticality of Indias energy requirement which would require massive investments to sustain its high growth trajectory. Since the governments resources are limited,the private sector has an important role to play. This will enable us to deliver reliable and affordable power that India needs to support its continued economic growth. MBPPL has been founded by Deepak Puri and Ratul Puri,who earlier established Moser Baer India Limited (MBIL),a technology manufacturer.
Akhil Gupta,Chairman and MD of Blackstone Advisors India Private Limited,said: Infrastructure development continues to remain one of our key investment themes in India. We have been studying the Indian power sector for over a year and are excited to partner with Moser Baer. We believe that they have one of the best management teams in the sector and an enviable track record of completing large projects on schedule and on budget.