NEW DELHI: Ranjit Gupta and Murali Subramanian, the former head honchos of global private equity firm Actis Llp’s Ostro Energy Pvt. Ltd, are in talks with Singapore’s state investment firm Temasek Holdings Pte. and Swedish private-equity firm EQT Partners to raise around $500 million to set up a green energy platform in India.
Gupta and Subramanian were former chief executive officer (CEO) and chief operating officer (COO) of Ostro Energy, respectively. Their next innings in the Indian clean energy space follows the acquisition of Ostro Energy by ReNew Power Ventures at an enterprise value of $1.5 billion, in India’s largest renewable energy deal last April. Factors such as size, quality and age of the Ostro Energy assets were key attractions for ReNew Power.
