The venture between the private investment group and Hydro OGK could also see investment coming in to the Russian federal energy company’s own portfolio of hydro power projects under development.
Under the MoU, the companies have agreed to explore setting up a joint company that would build new hydro projects as well as acquire existing assets. Their strategic aim is to develop and sell electricity produced by hydro power to the expanding market in India.
The Indian and Russian companies signed the MoU on Saturday in St Petersburg.
The Sun Group has been active in India for more than a century, and in Russia and the countries of the former Soviet Union for about 50 years. It is a family-controlled enterprise and has invested in a number of sectors, primarily through private equity stakes and building businesses.
