NEW DELHI: US-basedBlackstone Group will invest Rs 500 crore to pick up a minority equity stake in Visa Power Ltd. Visa Power has 7,800-mw power projects in pipeline of which 2,520-mw are in advanced stages of development in Orissa, Madhya Pradesh, Jharkhand and Gujarat.
Visa Power managing director Vikas Agarwal said, "Our portfolio of projects in coal rich states, combined with Blackstone's deep understanding of the power business both globally and in India, and their commitment to sharing knowledge and bringing global best practices to their portfolio companies will add immense value to our young and growing company."
A Visa Power spokesperson said Blackstone would acquire a 'minority' stake in the company.
Blackstone Advisors India Pvt Ltd chairman and managing director Akhil Gupta said, "We have been impressed with the track record of Visa's promoters and its management team in developing and executing greenfield projects."
Visa Power is part of the Rs 5,000 crore Visa Group, with interests in steel, power, mining, international trading, shipping and logistics.
Blackstone group to invest rs 500 crore in visa power limite
CA ADITYA SHARMA (CA IN PRACTICE ) (16719 Points)
27 July 2011
CAclubindia
