UAE-led group to buy India power plants

A consortium led by Abu Dhabi National Energy Co. (Taqa) has agreed to buy two hydroelectric power plants in India from Jaiprakash Power Ventures for about $616 million, Taqa said on Sunday.

State-run Taqa, with a 51 percent stake in the consortium, will control the operations and management of both plants under the deal. One of Canada's largest institutional investors will own 39 percent and IDFC Alternatives' India Infrastructure Fund II will hold 10 percent, it said.

In addition to its $616 million expenditure, the consortium will acquire the plants' non-recourse project debt, Taqa said without giving a value for the debt.