Comments
Renewable energy company Greenko has agreed to sell its India assets to GIC, the sovereign wealth fund of Singapore, for £162.8 million (about ₹1,600 crore).
In an announcement, Greenko said it has signed a non-binding deal with GIC for the sale of all its shares in Greenko Mauritius. The move will result in the sale of the company's trading activities and assets, which comprise the development, ownership and operation of clean energy projects in India.
While discussions between the Hyderabad-based Greenko, listed on AIM of London Stock Exchange, and GIC are at an advanced stage, the disposal will be subject to a legally binding agreement. A detailed announcement on the reasons for the proposed disposal will be made after the sale agreement. The board is being advised by Investec Bank plc and Arden Partners plc on the transaction.
Anil Kumar Chalamalasetty, Founder, Chief Executive & MD, Greenko, speaking over phone from London, confirmed the offer from GIC and said that it was premature to provide other details. Greenko has increased its installed generation to 904 MW, from 606 MW last year and said it was on track to touch an installed capacity of 1,000 MW this year. Cambourne Investment, an affiliate of GIC, and Global Environment Emerging Markets Fund III LP, which held shares in Greenko Mauritius, have the option to exchange shares in the company with effect from July 1.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.