MIRA has invested a total of Rs.78 billion (US$1.17 billion) in IBPIL's subsidiary. Investec India has acted as the sole financial adviser to the transaction.
The deal allows 3i Capital and PTC Financial Services exit the company. The two firms invested Rs.20 billion (US$300 million) and Rs10.5 billion (US$157.6 million) respectively in 2011 to acquire its stake in IBEUL.
IBEUL was established to develop a 700MW coal-fired power plant in the state of Orissa. The business has agreed key contracts covering power transmission and received fuel linkage from operating coal mines located close to the plant. The company aims to sell 80% of its output through medium to long term power purchase agreements, with the balance being sold in the merchant power market.
In addition IBEUL develops and operates a 20 MW biomass power plant. The company was incorporated in 2008 and is based in Bhubaneswar, India.