One of the worlds richest men and also india’s richest has picked up a 10% plus stake in Indiabulls power . LN Mittal along with Farallon has together picked up over 30% stake or around 1580 crore rupees.

This investment by the two companies Farallon Capital Management LLC along with LNM India Internet Ventures have picked up subscription to the shares of Sophia power company which is a subsidary of Indiabulls real estate at the rate of 66.67 rupees per share. The company also has a natural brass cleaner plant which will go into operation from this year end.

Sophia power is going to be setting up a 4400 megawatt power plant in the next two years and this could mean good news for the sector which has been beaten down consideriably due to concerns on over-valuations.