NEW DELHI, Oct. 14 -- Morgan Stanley and Mitsubishi UFJ Financial Group (MUFG) have begun the sale process for Global Infrastructure Partners (GIP)-owned Vena Global Group Pte Ltd's Indian renewable energy platform, Vena Energy India, in a deal having an enterprise value of around $1 billion, according to two people familiar with the development.

The deal comes amid a steady flow of global capital into India's clean energy market.

The sale, code-named Project Indigo, marks Global Infrastructure Partners' full exit from its bet on Vena Energy. The sale process was formally launched this month. GIP itself was acquired by BlackRock Inc. in October last year. Vena Energy India operates 957 megawatts (MW) of renewable power assets, with anot...