Tata Buys AES Wind Unit, DLF Sells Farm to Leap GreenNatalie Obiko Pearson
Tata Power Co., the generation business of India’s largest industrial group, will buy AES Corp.’s local wind business to boost wind capacity 10 percent.
Tata Power’s wind capacity will rise to 437 megawatts with the deal, the company said today in an e-mailed statement. Tata didn’t say how much it paid Arlington, Virginia-based AES for the 39.2 megawatts of assets in Dwarka, Gujarat state.
Separately, DLF Ltd., India’s largest property developer, completed the sale of a 33-megawatt wind farm in Rajasthan state to Leap Green Energy Pvt. for 674 million rupees ($11 million), DLF said today in a filing. The sale is part of an effort by the real estate developer to divest “non-core assets,” it said.
India’s fragmented wind industry is ripe for mergers and acquisitions, according to Bloomberg New Energy Finance. Goldman Sachs Group Inc. and Morgan Stanley have led about $1.1 billion of private-equity buyouts, project and company acquisitions since 2010, according to a June estimate by the researcher.