MUMBAI: Malaysia’s Petroliam Nasional Berhad (Petronas), Abu Dhabi-based energy company Masdar Clean Energy and Singaporean alternate energy firm Sembcorp are in talks to acquire up to 30% of Hero Future Energies, the renewable energy arm of the Hero Group, said people with knowledge of the matter. 

Hero is looking to raise as much as $300 million, valuing the renewable energy firm at around $1 billion. JP Morgan is advising Hero Future on the stake-sale process. International Finance Corp. (IFC), the private sector investment arm of World Bank, holds a minority stake in Hero Future with an investment of $125 million made in 2017. 

Petronas and Masdar have submitted bids in the range of $300-325 million, said one of the persons mentioned above, a sign of continued strategic interest in India’s power and alternate energy space, they said. Petronas, Masdar, Sembcorp and Hero Future Energies CEO Sunil Jain didn’t respond to queries. Launched in 2012, Hero Future Energies is led by Rahul Munjal and is one of the top five renewable companies in the country. It currently has installed solar and wind power capacity of 1.2 GW whil ..