Kumar Mangalam Birla-controlled Aditya Birla Group, which tied up with private equity house Abraaj Group in 2015 for its renewable energy business, is said to be seeking a new investor for the business, two people aware of the development said.
Aditya Birla Renewables Ltd is a joint venture between the Birla Group and Abraaj, with Birla holding a 51% stake and Gulf-based Abraaj holding the remaining 49% stake.
“The solar power platform will bid for projects tendered at national and state auctions, with the intent to develop and operate utility-scale solar power plants that can provide clean and cost-effective electricity to national grids across several key states in India,” Aditya Birla Group said in statement in 2015. Read More
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