Private equity firm Actis LLP has agreed to buy Essel Infraprojects Ltd’s solar power projects for Rs 5,500-6,000 crore, Mint reported, citing two people involved in the deal process.
Media baron Subhash Chandra-led Essel had put the assets on the block earlier this year and had since been negotiating with potential buyers, the report said.
Essel has 685 megawatt of installed capacity and under-construction projects. The deal would be formally announced by December-end, the report said.
The renewable energy sector has recorded a number of buyout deals over the past couple of years. These include Actis selling Ostro Energy Pvt. Ltd to ReNew Power Ltd earlier this year.
Meanwhile, Swiss foods company Nestle SA and British-Dutch consumer goods giant Unilever Plc appear to be in a tight race to acquire GlaxoSmithKline Plc's Indian Horlicks nutrition business.
While The Times of India reported that Nestle was close to acquiring GSK's Indian consumer healthcare business, Financial Times reported that GSK was in exclusive talks with Unilever for a deal. The FT, citing sources it didn't name, also said that GSK had rebuffed Nestle's bid.
The deal could be struck at a valuation of about $4 billion. GSK owns 72.5% in the local subsidiary, pegging the transaction size at a little over $3 billion.
If Nestlé, which owns health drink Milo, manages to snap up Horlicks, it will gain a leadership position in the segment in India. The deal includes accomplice brand Boost also.