Gentari Sdn. Bhd., the renewable energy arm of Malaysian energy giant Petroliam Nasional Berhad (PETRONAS), is the frontrunner for a part of the India renewable portfolio of Brookfield Asset Management Ltd. (TSX:BAM), said two people aware of the development. Gentari, which has conducted due diligence of the assets, has signed an exclusivity agreement for further negotiations with Brookfield, they said.

Government-run Oil and Natural Gas Corporation Limited (NSEI:ONGC) is another contender that has completed due diligence, said people with knowledge of the matter. The 2 GW renewable portfolio of Brookfield in India that?s up for sale has an estimated enterprise value of $800 million-$1 billion (INR 66.00 billion ? INR 83.00 billion).

Other entities that had submitted initial bids but are no longer in the race include Sekura Energy Limited, Sembcorp Industries Ltd. (SGX:U96) and UAE's Abu Dhabi Future Energy Company PJSC - Masdar, they said. Of the portfolio, 1 GW is operational and projects with a capacity of 1 GW are under construction, expected to be completed within 18 months, said the people cited. Five years after entering the renewable energy sector in India, Canadian investor Brookfield Asset Management is looking to partially monetise its assets, having hired investment bank JP Morgan to run the sale process, ET was first to report in February.

Brookfield has about 20 GW of wind and solar assets in operation or in the development pipeline across India. The holdings that will be divested include capacities of 500 MW in Rajasthan, 50 MW in Gujarat, 300 MW in south India and 80 MW in Madhya Pradesh. A Brookfield spokesperson declined to comment.

Gentari and ONGC didn?t respond to queries.