The Rs 398-crore investment by Mauritius-based DH Renewables in Deepak Kochhar’s NuPower Renewables for a 55% stake appears to have been made at a valuation that was generous relative to its financials, based on an examination of Ministry of Corporate Affairs (MCA) records.
That compares with Kochhar’s Rs 9-crore investment and Rs 64 crore by Supreme Energy for a 43% stake.
NuPower Renewables is central to the quid pro quo allegations over loans given by ICICI Bank, which is headed by Deepak Kochhar’s wife Chanda Kochhar, to Venugopal Dhoot’s Videocon group. Dhoot’s Supreme Energy gave a Rs 64-crore loan to NuPower in 2010, which was converted to equity between 2015 and 2017.
Apart from inquiries that the Central Bureau of Investigation (CBI) is making, the income-tax department has sought details of the investments made by Mauritius companies First Land and DH Renewables in NuPower. Read More