U.S.-based Blackstone Group will invest $300 million in Moser Baer Projects Pvt. Ltd. (MBPPL) by picking up minority stake in the New Delhi-based power company, MBPPL Founder Deepak Puri said here on Wednesday.
MBPPL had plans to commission 5,000 MW of projects by 2016, comprising 4,000 MW of thermal, 500 MW of solar and 500 MW of hydro capacity and this fund would be used to finance its upcoming power plants, Mr. Purai told press persons.
“We would pick up a ‘significant minority stake' in the company,” Blackstone Advisors India Pvt. Ltd. Chairman and Managing Director Akhil Gupta said. This is part of the Group's investment in the power sector in the country after it picked up over 12 per cent stake in Monnet Power, a subsidiary of Monnet Ispat and Energy, for about $59 million. “We have plans to invest more in the sector…we would invest close to $1 billion in the sector over a couple of years, of which $360 million has already been invested,” he added.
