Monnet Power to raise funds via PE

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Monnet Power, a subsidiary of Monnet Ispat & Energy, is planning to dilute 10 percent stake in favour of private equity (PE) funds and is in talks with PE players such as Blackstone, Warburg Pincus and IDFC. It plans to raise about Rs 600-700 crore, which will be used to part finance its power plants coming up in Andhra Pradesh and Maharashtra.

These plants will have a combined capacity of 4000 MW and would require an investment of around Rs 15,000 crore. The company also has power plant in Orissa with a capacity of 1,000 MW and investment of Rs 42,000 crore, reported The Economic Times.

Monnet's turnover has nearly doubled Rs 1,200 crore this year. Power sector is looking to increase generation capacity to 78,000 MW by 2012 and it could see investments of $100 billion in next four years. Major private equity players are actively involved in this sector with Goldman Sachs and Macquarie acquiring 40 percent equity in PTC Financial Services (PFS) in 2007 for about Rs 120 crore. Warburg has acquired 11.2 percent stake for $110 million in Havell's power distribution arm and Blackstone holds 1.1 per cent in Power Finance Corporation.

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