Blackstone-Backed Hindustan Powerprojects Plans Unit IPO
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Hindustan Powerprojects Pvt., an Indian generator backed by Blackstone Group LP, plans to sell shares in its solar unit as it prepares to double investment in photovoltaic projects to $2 billion by 2016.
“It’s a sensible business to take out to market,” said Ratul Puri, chairman of the New Delhi-based developer of coal, solar and hydropower plants, formerly known as Moser Baer Projects Pvt. The unit has a pipeline of projects that will require $1 billion of investment within the next two years, he said, although the company has “no immediate need for cash.”