UAE’s Abu Dhabi Future Energy Company (Masdar) is in the race to acquire a 49% stake in India’s green hydrogen manufacturer Hygenco Green Energies for $400 million, Mint, an Indian financial daily, reported.

Other bidders include China-headquartered Asian Infrastructure Investment Bank (AIIB) and Australia’s Macquarie Group, the newspaper said, citing informed sources.

The next stage of the sale process involves submitting non-binding offers. After that, the shortlisted bidders will proceed to the next stage, where they will submit binding offers.

The fundraising will enable Hygenco to develop 10 gigawatts (GW) of production and distribution assets by 2030.

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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