Carlyle Group and TPG Capital are among the private equity firms looking at buying a stake in India’s Suzlon Energy Ltd, three banking sources close to the matter said, as the world’s fifth largest wind turbine maker seeks to raise $500 million.
Suzlon, which needs a large part of the money to buy Portugal-based Martifier’s stake in its German unit REpower by May, wants to sell a 10-15 percent holding for about $300 million, the sources said.
The company hopes to raise another $200 million through a debt offering or by selling stakes in other units, the sources who are involved in the transaction said, adding that a deal could be reached in the next month or so.
A spokesman for Suzlon declined comment.
The sources did not want to be named as they are not authorised to speak to the media. No banker has been mandated as yet to advise on the deal.
“There seems to be a fair bit of interest despite the global environment and some quality issues with the firm. PEs believe Suzlon has long-term potential,” one source said.