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China State Fund CNIC Eyes Stake in India Renewable Firm

  • Chinese state-backed fund is in talks for 10% stake in Greenko
  • Greenko plans to use funds to expand energy capacity
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Photographer: Kiyoshi Ota/Bloomberg
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Chinese state-backed investment fund CNIC Corp. is considering buying about a 10% stake in Greenko Group, one of India’s largest renewable energy companies, according to people familiar with the matter.

Greenko, whose backers include Singapore sovereign fund GIC Pte and the Abu Dhabi Investment Authority, has been seeking to raise around $800 million by introducing a long-term investor, said one of the people. The Indian company is planning to use the fresh funds to expand its energy storage capacity in the country during peak hours, in competition with coal-based power plants, the person said.