Tata Power looking to raise $500 million for renewables unit
Tata Power NSE -0.71 % is in talks with large pension and sovereign asset managers, including Canada Pension Plan Invest Board (CPPIB) and Government of Singapore Investment Corp. (GIC), to raise at least $500 million ahead of a planned initial public offering (IPO) by its renewable energy unit.
Negotiations are entering the formal stage just after the salt-to-steel conglomerate announced that it was raising $1 billion from investors, including TPG, by selling a minority stake in the electrical vehicle (EV) unit of Tata Motors.
