Ranjit Gupta and Murali Subramanian, former chief executive officer (CEO) and chief operating officer (COO), respectively, of global private equity firm Actis LLP’s Ostro Energy Pvt. Ltd, are in talks to initially raise $100 million to establish a renewable energy platform in India, said three people aware of the development.
Sumant Sinha-led Re-New Power Ventures has finalised the takeover of Ostro Energy for an enterprise value of ₹10,800 crore ($1.66 billion), the biggest M&A deal in the renewables sector, sources close to the deal said.
ReNew Power Ventures Pvt. Ltd is close to acquiring Ostro Energy Pvt. Ltd, the company that holds the renewable energy assets of buyout firm Actis Capital, for an enterprise value of Rs10,000 crore, according to two people directly aware of the development.
Ostro Energy is in the process of acquiring a 49% stake in a 60 MW NTPC Project in the state of Rajasthan. Suzlon will be responsible for the project commissioning, expectedly by September 2017.
As wind turbine manufacturers vie for a share of the 1,000 MW of capacity auctioned last month, the big buzz in the market is that Suzlon is likely to bag an order for 250 MW from Sembcorp.