Greenko eyes R-Infra’s Mumbai power biz; JSW Steel revives bid for Italian mill

4 September 2017

Hyderabad-based renewable energy firm Greenko Energies Pvt. Ltd is in talks to acquire Anil Ambani-led Reliance Infrastructure Ltd’s Mumbai electricity business for an enterprise value of Rs 10,000-13,000 crore ($1.75-2 billion), a financial daily reported.

According to the 2015-16 annual report of Reliance Infrastructure, its Mumbai distribution business, which caters to 29.5 lakh customers, had registered sales revenue of Rs 6,090 crore. The business falls under Reliance Energy Ltd.

In 2015, Reliance Infrastructure had signed a non-binding term sheet with Canadian pension fund manager Public Sector Pension Investment Board to sell a 49% equity stake in its power business in Mumbai and adjoining areas for an undisclosed amount.

Those negotiations had ended and the company subsequently started talks with other potential suitors, The Economic Times report said, quoting people aware of the development.

Hong Kong-based CLP group has also held discussions with Reliance Infrastructure, but Greenko is believed to be the front-runner. However, no binding agreements have been signed yet, the report added.

Greenko is one of the leading renewable energy generation companies in India. As of June 2017, it had commissioned solar power capacity of 1,082 MW, says a report by renewable energy consultant Bridge to India.

Source-vccircle