GVK eyes 25% sale in power biz to 3 PE players

By Archi Damania, CNBC-TV18
 
GVK Power stock has gone up 25% in three days as the company is in talks with three private equity, or PE, funds to sell 25% stake in its power business. The buzz is that the three players include Blackstone Group, Carlyle, and General Atlantic.

It needs USD 5 billion in capex funding over the next three years. Due diligence is expected to begin over the next three-four weeks.

GVK- BHP has also won seven blocks under NELP-VII. It will foray into oil via its arm, GVK Oil & Gas.

Citi has put a buy on the stock with a target of Rs 56.