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EQT drops Zelestra sale, to invest $600 mn
Hindustan Times Mumbai
|October 13, 2025
European alternative asset manager EQT has dropped the plan to sell renewable developer Zelestra’s India operations and instead transferred it to its Asia Pacific infrastructure team headed by Hong Kong-based partner Ken Wong.
EOT will also invest around $600 million to develop the portfolio and has brought in Parag Sharma, former chief executive officer (CEO) and co-founder of EQT—and Temasek-backed 02 Power, to head the company, replacing incumbent CEO Sajay KV, said four people aware of the development.
Zelestra had hired JP Morgan to run the sale process for its India operations, eyeing a deal with an equity and enterprise value of $184 million and $421 million, respectively. Mint earlier reported that the world’s largest alternative asset manager Blackstone was looking to acquire Zelestra's Indian operations.
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