Web Exclusive | January 2013
Bharat Light raises 200 cr to buy DLF's wind biz
To buy out the wind energy assets of real estate firm DLF Bharat Light and Power (BLP) has raised Rs 200 crore from private equity and venture capital funds. BLP is founded by former General Electric India boss Tejpreet Singh Chopra. The unlisted renewable energy firm raised the money through a combination of mezzanine debt and sale of stake to UTI Capital, VenturEast and Draper Fisher Jurvetson, sources said.
Tejpreet Singh Chopra started BLP, after more than a decade he left GE India. The funds will be used to take over DLF's 160-mw assets in Gujarat and Karnataka. Legal firm Amarchand Mangaldas is drafting the final legal document and the deal is likely to be announced as early as this week, the sources added.
Chopra, a management post-graduate from Cornell University, relied on the 'old boys Delhi network'' and finance from his investors to clinch the deal. While UTI Capital bought a 16.98 per cent stake in Bharat Light and Power for 50 crore, existing venture capital investors VenturEast and Draper Fisher Jurvetson made an additional investment of 50 crore.
The two venture capital firms invested 53 crore in 2011 to buy a minority stake. Post-equity dilution, Tejpreet will hold close to 50 per cent stake in the company.