New Delhi, Sept. 19 -- Blackstone Inc., the world's largest alternative asset manager, is looking to acquire the Indian operations of multinational renewable energy developer Zelestra, two people aware of the development said.

Zelestra, backed by European alternative asset manager EQT, has hired investment banker JP Morgan for the transaction codenamed Project Orange, the people said on the condition of anonymity. A deal is likely at equity and enterprise values of $184 million and $421 million respectively.

Zelestra India has an operational capacity of 600 megawatt (MW), with another 2 giga watt (GW) contracted portfolio, of which 1.5GW is under construction. The green energy platform is targeting 8.6GW capacity by 2031.

"Blackstone h...