<article><a style="color: #000080;" href="http://www.dealstreetasia.com/?s=motilal+oswal" target="_blank">Motilal Oswal Private Equity</a> (MOPE) on Wednesday said it has acquired 4.1% stake in <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=iex" target="_blank">Indian Energy Exchange</a> (IEX) from Jindal Power Ltd through two of its funds.</article>

<a style="color: #000080;" href="http://www.dealstreetasia.com/?s=motilal+oswal" target="_blank">Motilal Oswal Private Equity</a> (MOPE) on Wednesday said it has acquired 4.1% stake in <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=iex" target="_blank">Indian Energy Exchange</a> (IEX) from Jindal Power Ltd through two of its funds.
MOPE, which manages India Business Excellence Fund &#8211; II and India Business Excellence Fund &#8211; IIA said in a press release that it acquired the stake for Rs.98 crore.
Established in 2008, IEX is India’s first power exchange providing an automated trading platform for electricity and renewable energy certificates.
IEX power trading platform is used by power market participants such as state electricity boards, open access consumers, power generators and power traders.
“IEX is a one of the best bets on the undergoing power sector reforms without taking any balance sheet risk,” said Vishal Tulsyan, managing director and chief executive at MOPE.
On 15 March, Jindal Power Ltd had announced on stock exchanges that it has entered into an agreement to sell its 4.12% stake in IEX.
The company has been struggling to meet its debt obligations and most of its debt instruments have been downgraded to a default rating.
“As part of the monetization plan already advised, Jindal Power Ltd, a subsidiary company of Jindal Steel &amp; Power Ltd (JSPL) has entered into a definitive agreement to divest 4.12% holding in India Energy Exchange at an undisclosed amount and is expected to realize the consideration within the current financial year,” Jindal Steel and Power had said in a statement to BSE.
The India Business Excellence Fund, a Rs.950 crore fund, was raised by MOPE in 2012 and is currently in investment phase. MOPE has so far made eight investments through the fund.
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<h4 style="text-align: justify;">This story was first published on <a href="http://www.livemint.com">livemint.com</a></h4>

IEX is India’s first power exchange providing an automated trading platform for electricity and renewable energy certificates.

India: Motilal Oswal PE buys Jindal Power's IEX stake for $14.7m

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India: Motilal Oswal PE buys Jindal Power's IEX stake for $14.7m

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