Live Mint reported that Visa Power Ltd is in talks with private equity firms to raise an additional USD 100 million to develop one of its power projects, according to two persons with direct knowledge of the matter.

A company official said that “We are looking to raise money at the project level. A member of the company’s board confirmed Visa Power is looking to raise USD 100 million.”

Founded by Mr Vishambhar Saran and based in Kolkata, Visa Power is an independent power producer with a 1,200MW coal fired power plant in Chhattisgarh as its core asset.

On 25 July, Blackstone announced it will invest USD 111 million in the company. At that time, the company said the Chhattisgarh power plant was at an advanced stage of development. It said it had an additional 6,600MW under development, which included a 1,320MW coal based power plant in Orissa.

(Sourced from www.livemint.com)