New Delhi, May 6 -- Global Infrastructure Partners (GIP), the infrastructure fund manager that BlackRock Inc. acquired for $12.5 billion two years ago, is exploring initial public offerings (IPOs) for two of the companies in its Indian portfolio, logistics operator Pristine Logistics & Infraprojects Ltd and tower company Ascend Telecom Infrastructure Pvt. Ltd, at valuations of about Rs.5,000 crore ($500 million) each, people in the know said.

The firm is reaching out to bankers and advisers to understand the interest in offerings, though formal mandates have not yet been awarded, said the people, who asked not to be identified as the deliberations are not yet public.

GIP manages investments in the energy, transport, digital, and water s...