Thursday, May 15, 2014: Hindustan Powerprojects, backed by Blackstone Group, is now planning an IPO for its solar unit. The company is currently working to double its investment in the photovoltaic projects to US$2 billion by 2016.
Commenting on the decision, Ratul Puri, chairman of the company that was formerly known as Moser Baer Projects, said, “It’s a sensible business to take out to market.” The pipeline of projects of the company will require US$1 billion of investment within the next two years, stated Puri. However, the company has “no immediate need for cash”.
Reportedly, names like Goldman Sachs, UBS and Credit Suisse are involved in the initial public offering. It is worth mentioning here that increased coal prices have hiked electricity rates in the country by about40 per cent on an average since 2010. This has given the much desired boost to the solar industry in the country.
