Power infrastructure developer Ind-Barath Power Infra Ltd is holding discussions to raise about $150 million from TPG Capital and Apollo Global Management.

The company is talking to the private-equity companies after it shelved plans for an initial public offering due to a sharp plunge in the stock markets, said a report, quoting sources.

Ind-Barath, which currently operates eight power projects across the country, will use the private-equity funding to launch new projects and increase its power generation capacity, the report said.

Ind-Barath had filed a draft prospectus last year with the Indian market regulator to raise more than $200 million in the IPO. The main stock index has fallen more than a fifth this year, forcing many firms to put off share sale plans.

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