Motilal Oswal’s private equity arm MOPE Investment Advisors Pvt Ltd has bought 4.1 per cent in the Indian Energy Exchange from Jindal Power Ltd for Rs 98 crore. The investment was made through MOPE’s funds India Business Excellence Fund – II and India Business Excellence Fund – IIA, according to a press statement from MOPE.
The IEX is India’s first power exchange providing a transparent and automated trading platform for electricity (for physical delivery) and renewable energy certificates. Participants in IEX market include State Electricity Boards, Open Access Consumers, Power Generators and Power Traders.
Vishal Tulsyan, Managing Director and CEO, MOPE, said in the statement that IEX is a one of the best bets on the undergoing power sector reforms happening in the country. This investment allows the private equity player a piece of the power pie, without taking any balance sheet risk.