Kolkata-based VISA Power, an independent power producer that is a part of $1 billion VISA Group, has raised $111 million from Blackstone. JM Financial Consultants was the advisor for the deal.
VISA Power is focused on the development, ownership and operation of thermal power projects with 2,520 MW projects in Chhattisgarh and Orissa that are under execution and 5,280 MW projects under planning. The project in Chhattisgarh and Orissa is at an advanced stage of development. They have also secured a power-trading license from the Central Electricity Regulatory Commission.
Former Tata Steel Executive Vishambhar Saran established the VISA Group. Saran, Founder and Chairman, VISA Group, said that the power sector in India is on a rise and it is difficult to sustain the country's high level of economic and industrial growth.
Saran has experience of almost 40 years in the iron and steel industry, with over 25 years with Tata Steel in the areas of development and operations of mines, mineral beneficiation plants and ferro alloy plants, port operations and international trading of raw materials for the iron and steel industry. He was the Director (Raw Materials) in Tata Steel before taking over as Chairman of the VISA Group in 1994. In a short span of time, VISA Group has made a global presence in Australia, China, India, Indonesia, Singapore, South Africa and Switzerland. He is the President of Indian Chamber of Commerce and Honorary Consul of Bulgaria for Eastern India.
Akhil Gupta, Chairman and MD, Blackstone Advisors India, said that they believe that India needs an investment of $200 billion in the power sector if which one-fourth is required in equity.