Blackstone Group to Invest in Monnet Power.
Monnet Power would receive Rs. 275 crore investments from Blackstone Group for its greenfield power plant in Orissa. Blackstone Group would acquire a 12% stake in Monnet Power.
Monnet Power Company Limited (MPCL), a wholly owned subsidiary of Monnet Ispat and Energy Ltd. It is into generation, distribution, etc. of conventional or non-conventional electricity and energy.Its Orissa thermal power plant would have a capacity of 2X525 megawatts (mw) and is expected to cost Rs 5,092 crore(USD 855 million). It will be funded through a mix of equity capital and debt. It is likely to start its first unit in July, 2012 & secont unit in October’2012. The power generated from this station shall be sold to Northern, Western and Eastern Region through long term open access (LOTA) through PPA route signed with PTC for this purpose. The equipment, erection is proposed to start from March, 2010 by BHEL for BTG package and by EPC Contractor for balance of plant.
21-bank consortium will fund the debt component of Rs 3,819 crore, of which IDFC has committed Rs 400 crore. Others are National Bank, Oriental Bank of Commerce, Central Bank of India, Bank of Baroda, State Bank of Hyderabad, State Bank of Mysore and State Bank of Patiala.
CARE has reaffirmed the A+ rating to the Long-term Bank Facilities aggregating Rs 8,329 million and Long-term Non Convertible Debentures/Bonds aggregating Rs 3,000 million of Monnet Ispat & Energy (MIEL) in 2009.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 29/04/11 | Monnet Power - Fund Rasing | Private Equity | 293.00 | |
| 01/07/10 | Monnet Power - Blackstone group | Private Equity | Blackstone Advisors India Private Limited | 60.00 |
| 03/01/10 | IDFC - Monnet Power Company | Private Equity | IDFC Project Equity Co. Limited | 87.00 |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 02/05/12 | Private Equity | Looking For | Husk Power Systems Private Limited | - | Announced |
| 28/03/12 | M&A | STEAG GmBH | Hinduja National Power Corp. Limited | - | Announced |
| 22/03/12 | M&A | Korea Electric PowerCorp | Pioneer Gas Power Limited | 98.37 | Announced |
| 24/02/12 | M&A | Tecpro Systems Limited | Eversun Energy Private Limited | - | Completed |
Fund |
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| Name | Corpus | Target Sector | Website | KeyContact |
|---|---|---|---|---|
| Blackstone Advisors India Private Limited | IT/ITES/Technology Media BFSI Healthcare Travel & Leisure |
http://www.blackstone.com | Amit DixitAkhil GuptaMathew Cyriac | |
Company |
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| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Monnet Power Company Limited | Monnet Ispat & Energy Limited | Monnet Marg, Mandir Hasaud |
Jindal Power Limited NTPC Limited |
www.monnetpower.com |
 |
Kotak Mahindra Capital Company |
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