New Delhi, Oct. 12 -- 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.

EQT will also invest around $600 million to develop the portfolio and has brought in Parag Sharma, former chief executive officer (CEO) and founder of EQT-and Temasek-backed O2 Power, to head the company, replacing incumbent CEO Sajay K.V., said four people aware of the development.

Zelestra had hired JP Morgan to run the sale process for its India operations, eying a deal with an enterprise value of $184 million and $421 million, respectively. Mint earlier reported that the world's largest a...