Fortum sells Indian renewable arm to Hexa

Finland's state-run energy utility Fortum Oyj is exiting India's renewable energy market by selling its platform Fortum India Pvt. Ltd (FIPL) to New York-based I Squared Capital-backed Hexa Climate Solutions in a deal that includes its management company and carbon credits, two people in the know said.

- Utpal Bhaskar

There were five bidders in the sales process run by EY, including Japan's Marubeni Corp, Dutch pension fund APG and infrastructure fund manager AP Moller Capital. A total of 10 companies, including steel and mining major ArcelorMittal, signed non-disclosure agreements for the deal called project Samsara.

Mint couldn't ascertain the value of the deal that marks an important point in the third-largest Nordic utility Fortum's exit from India, a market that it entered in 2012.