The Hiranandani Group is working on raising $300 million (around Rs 2,180 crore) by diluting a significant minority stake in its unit H-Energy in a deal that could value the natural gas company at about $1 billion.
Hiranandani is approaching private equity firms, sovereign wealth funds and pension money managers to sell at least a 33 percent stake in H-Energy, The Economic Times reported.
The share sale process is likely to begin by mid-June and the proceeds from the transaction will be used to clear debt and fund ongoing projects, the report said.
Moneycontrol could not independently verify the story.
"We had received interests to partner with H-Energy from too many global players for our team to be able to manage. UBS is involved to manage these conversations," a company spokesperson told The Economic Times. "We remain actively engaged with many of them."