New Delhi, April 27 -- Finland's state-run energy utility Fortum Oyj is exiting India's renewable energy market by selling its platform Fortum India Pvt Ltd (FIPL) to New York-based I Squared Capital-backed Hexa Climate Solutions, in a deal that includes management company and carbon credits, two people aware of the development said.

There were five bidders in the sales process run by EY, including Japan' Marubeni Corp, Dutch pension fund APG, and infrastructure fund manager AP Moller Capital. A total of 10 companies including steel and mining major ArcelorMittal had signed non-disclosure agreements (NDA) for the transaction termed as project Samsara.

Mint couldn't ascertain the value of the deal that marks an important point in the thi...