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Two funds managed by MotilalOswal Private Equity (MOPE) - India Business Excellence Fund-II and India Business Excellence Fund-IIA - has acquired a 4.1 per cent stake in Indian Energy Exchange (IEX) from Jindal Power for Rs 98 crore.
Set up in 2008, IEX is India’s first power exchange providing a neutral and automated trading platform for electricity (for physical delivery) and renewable energy certificates.
IEX pioneered the development of power trading in India and provides technology platform to all the participants in the market, including State Electricity Boards, Open Access Consumers, Power Generators and Power Traders, MOPE said in a statement.
"It is our privilege to be part of India’s premier and largest power exchange. ‘IEX’ is a one of the best bet on the undergoing power sector reforms without taking any balance sheet risk," said Vishal Tulsyan, Managing Director and CEO of MOPE.
IEX has a dominant market share among power exchanges in India.
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