In a bid to sell its majority stake in the renewable energy group Continuum Green Energy, Investment Bank Morgan Stanley has hired Citibank to find a buyer, Mint reported citing two people aware of the matter.
“Citibank has been given the mandate for selling Morgan Stanley’s stake in Continuum Green Energy. The process has started," one of the two people cited above told the publication.
Moneycontrol could not independently verify the report.
Reports indicate that Morgan Stanley’s majority stake in Continuum Wind Energy is up for grabs as well after the likes of US firm SunEdison Inc and Norway’s Statkraft had earlier expressed interest in the asset.
Continuum Green has a current portfolio of about 2 GW out of which 757.4 MW are already operational and 428.0 MW are in construction. Its current projects are located in the states of Gujarat, Maharashtra, Madhya Pradesh, and Tamil Nadu.
Founded in 2009 by Arvind Bansal and Vikash Saraf, North Haven Infrastructure Partners, a global infrastructure fund managed by Morgan Stanley Infrastructure Partners had invested $212.03 million in Continuum in 2012.
The company is majority-owned by North Haven Infrastructure Partners, a US $4 billion Global Infrastructure Investment Fund managed by Morgan Stanley Infrastructure Partners.
“We do not comment on market speculation," Continuum’s chief executive officer Bansal said in a message in response.