The Blackstone group has announced that it had 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 now in the process of developing a 1,050 MW, coal-fired power plant in Orissa, according to an official statement issued here.

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

Keywords: Blackstone

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