Tata Power is in advanced talks with investors, including Canadian Pension Plan Investment Board (CPPIB) as well as Singaporean sovereign fund Temasek Holdings and private equity firm General Atlantic to raise as much as $600-700 million (Rs 4478 crore – 5225 crore) for the renewable energy business at an equity valuation of around $6-7 billion.
The deal is at an advanced stage and is likely to be concluded in the coming weeks, as the salt-to-steel conglomerate looks to pare debt and strengthen its balance sheet ahead of a planned public issue of the alternate energy unit.
