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.
The rising share of renewables in India’s total energy consumption does not appear to have significantly benefitted companies floated by Deepak Kochhar, who has a sizeable interest in the sector. An ET Intelligence Group analysis of the documents filed with the Ministry of Corporate Affairs
The largest shareholder in NuPower Renewables shares an address with an entity named in the Panama Papers, a global exposé of offshore financial dealings that came to light in 2016.
While the ICICI Bank board has reposed its trust in current MD and CEO Chanda Kochhar after denying any quid-pro-quo in the Videocon loan saga, the carefully-worded clarification has left people with more questions than answers.
Deepak Kochhar, founder of wind energy company NuPower Renewables, has been in the eye of a storm over his company’s relationship with Videocon group, which received a loan in 2012 from ICICI Bank, headed by his wife Chanda Kochhar.