India’s Richest State Is Said to Prepare for Power Utility IPO

Maharashtra, India’s richest state, has begun preparations for an initial public offering of its power distribution utility, according to people familiar with the matter.

Maharashtra State Electricity Distribution Co. is working with SBI Capital Co. and Deloitte on the proposed share sale that could raise anywhere between $500 million and $1 billion, the people said, asking not to be identified as the information is private.