Azure’s key investors explore selling stake

NEW DELHI: German development finance institution Deutsche Investitions- und Entwicklungsgesellschaft (DEG), World Bank’s private-sector development arm International Finance Corporation (IFC) and Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ), are exploring a sale of their stakes in Azure Power, India’s first renewable energy company to list on the US stock market, said two people aware of the development, requesting anonymity.

The development comes amid the impending exit of Azure Power’s founder Inderpreet S. Wadhwa as chairman, chief executive officer and board member of the company and all its subsidiaries. On 3 May, the company had announced Wadhwa’s retirement plans.