Mumbai: Morgan Stanley Infrastructure Partners, a part of the US-based investment bank, will acquire a majority stake in the Singapore-based Continuum Wind Energy, which runs wind mills in the country, for around Rs 1,200 crore, sources familiar with the deal said on Monday.
The energy firm will issue preference shares to Morgan Stanley, which will be converted into equity subsequently giving it over 50 percent stake in the company.
"Morgan Stanley has entered into an agreement to buy majority stake in Continuum," an investment banker said on the condition of anonymity.
The wind energy firm operates 36 mw wind mills in the Kutch and Sangli in Gujarat, and has signed agreements to develop a 175 mw wind power at Satara in Maharashtra.
Continuum is promoted by IIM-Ahmedabad classmates Arvind Bansal and Vikash Saraf of Essar Group along with banker Gautam Chopra and former Wipro and Asian Pulp & Paper executives Sukant Gupta and Ashish Swarup.
First Published: Monday, June 25, 2012, 21:00