US hedge fund Wexford Capital LP is looking to buy equity stakes in Indian hydroelectric power generation companies and has chalked out a plan to invest Rs 500 crore in the country. The fund house will make investments through its wholly-owned subsidiary, Indus Renewable Energy India. At present, Indus Renewable Energy does not have any operations or any downstream investment. A person familiar with Wexford’s expansion plans in India said Indus Renewable Energy has already sought approval from foreign investment promotion board(FIPB) to make investment. Wexford Capital LP is an investment advisor with over $5 billion of assets under management. The firm, which was formed in 1994, manages a series of hedge funds and private equity funds.   more »