For the 185 MW of capacity in Indian solar projects owned by Finnish utility giant Fortum Oyj, Oil and Natural Gas Corporation (ONGC) is competing. The deal's equity worth may be estimated to be around USD 130 million.

Other companies in the fray include Petronas’ unit Gentari, Sembcorp Industries, Edelweiss Infrastructure Yield Plus Fund’s Sekura Energy, and private equity firm Actis.

The five bidders were shortlisted from the 11 non-binding offers which were submitted.

Kotak Investment Banking is mandated to oversee the transaction, which is estimated at a value of around USD 200 million.

Fortum Oyj is involved in generation, distribution, and sale of electricity and operation and maintenance (O&M) of power plants primarily in the Nordic countries.