Sources reveal that the size of the Hinduja Power-Kiran Energy deal could be Rs 800 to Rs 1,000 crore.Mumbai: Hinduja National Power Corp, a company under the Hinduja Group umbrella, has acquired Kiran Energy Solar Power for around Rs 1,000 crore, as revealed by the two sources close to the latest development.
Hinduja National Power had commenced talks last year to take over Kiran Energy, an eight-year-old company founded by Ardeshir Contractor and Alan Rosling, a former Tata Sons executive director.
The acquitted entity is an integrated developer-operator and a pioneer of grid connected solar PV plants in the country.
Kiran Energy now boasts of an operational portfolio of around 85 mw now.Kiran Energy is also engaged in building solar clusters in Gujarat, Maharashtra, Karnataka, Tamil Nadu and Rajasthan with capacities varying between 50 mw and 100 mw.
Sources told PTI that the Hindujas have acquired Kiran Energy by buying out the private equity funds who own majority.Three private equity players who are exiting the company are Argonaut Ventures, New Silk Route and Bessemer Venture Partners India which collectively own nearly 80 percent in the company.
The founders Contractor and Rosling and a few others own the rest.The Hindujas were not reachable for comments, but the sources said the size of the deal could be in the range of Rs 800 to Rs 1,000 crore.
A few years ago, co-chairman of the Hinduja group Gopichand Hinduja, had said the group had plans to invest $1 billion to install 1000 mw of solar capacity.
Following this, Hinduja National Power had announced plans to expand its generation capacity to 10,000 mw over the next decade at an expected investment of USD 10 billion.Total projected capacity will be a mix of thermal, hydro, nuclear and renewable energy, asp the company website.
The company has already commissioned its 1,040-mwcoal-fired thermal power plant near Visakhapatnam in Andhra.It can be noted that Tata Power had, in June 2016, snapped out Welspun Energy for an estimated Rs 10,000 crore, in what would be the largest solar MA in the country.
Welspun Renewable Energy has a 1.1-gw portfolio.(This story has not been edited by TheIndianSubcontinent staff and is auto-generated from a syndicated feed.)