Tata Power is in early-stage talks with IDFC Private Equity Fund-owned Green Infra Ltd to merge the renewable energy assets of both companies, a person with direct knowledge of the development said.
The transaction, if consummated, will create India’s largest renewable power producer. IDFC PE has appointed investment banker Lazard to examine different options to raise capital, including a merger.
“We cannot comment on this specific market speculation. Green Infra is a growing company with fund requirements. So, we are looking for equity infusion in the company,” said IDFC Private Equity’s managing director Satish Mandhana. Mandhana serves on the board of Green Infra and was instrumental in setting up the independent clean energy producer in 2008.
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