Aditya Birla Group is looking for an investor for its renewable energy business, reported LiveMint.

The group want the new investor to acquire part or whole stake currently owned by private equity house Abraaj Group in Aditya Birla Renewables. The report also added that the move comes after Abraaj Group started facing problems.

The energy firm, the report said, is jointly owned by Birla Group and Gulf-based Abraaj.

As per an old statement by Aditya Birla Group, Aditya Birla Renewables will look bid for projects tendered at national and state auctions aimed at developing and operating utility-scale solar power plants.

“They want to grow the business and they are seeking to bring on board a new deep-pocketed investor. They are looking for a large pension or sovereign wealth fund kind of investor. They are looking at some investors from the Gulf region,” a person close to the development was quoted saying in the report.