Adani, AG&P, Canadian funds look to buy Morgan Stanley's 49% stake in Unison Enviro

Adani Group, I Squared Capital-backed AG&P City Gas, as well as Canadian funds Canada Pension Plan Investment Board and Brookfield are in talks to buy Morgan Stanley's stake in Unison Enviro in a deal valuing the city gas distribution company at USD 150-200 million. Other private equity firms such as the Carlyle Group have also been reached out for a potential investment. North Haven India Infrastructure Fund (NHIIF), an affiliate of Morgan Stanley Infrastructure Partners, has hired Kotak Mahindra Capital and launched a formal process to identify a buyer for its 49% stake in Unison Enviro. Set up in 2015, Unison Enviro is engaged in implementing city gas distribution networks in Ratnagiri, Latur and Osmanabad in Maharashtra as well as Chitradurga and Davanagere in Karnataka. Infrastructure firm Ashoka Buildcon holds 51% in the company.