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Ushdev International eyes PE deals, mines, wind farm buys

In June this year, the clean-energy unit of Ushdev International Ltd. (UTF), India’s third-largest non-state metal trader, said it may seek to acquire wind farms to boost its capacity 10- fold by 2014

Ushdev Power Holdings, arm of metal trading house Ushdev Industries, is looking to buy out a bankrupt wind power company listed on London’s Alternative Investment Market (AIM).

According to reports, metals trader and wind farm operator Ushdev International is talking to private equity (PE) investors to raise $20-$40 million to fund its expansion, as it plans to acquire domestic wind farms and foray into mining, a top official said on Thursday.

The Mumbai-based firm, that counts global firms like Glencore, ArcelorMittal, Sumitomo Metals as clients, is talking to a couple of PE investors to sell 10-20% equity and hopes to close a deal in the near term, managing director Prateek Gupta said.

“We are currently considering how to take this (wind) business further. We are in the process of a large acquisition of around 100 MW in the Indian market.”

Ushdev, which has a portfolio of 31 MW of wind farms spread across five states, sells about 75% of the power produced via long term contracts with state-run utilities and private firms and the remainder in the open market.

Conventionally, per-megawatt investments into wind farms in India is estimated at about Rs60 million.

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