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Adani, Torrent eye Brazil power firms; AMD Ventures may raise India-focussed fund
Photo Credit: Shah Junaid/VCCircle

Adani Group and Torrent Power are among the Indian companies that have evinced interest in acquiring six power distribution subsidiaries of Brazil-based Centrais Elétricas Brasileiras SA, known as Eletrobras, Mint reported, citing two people aware of the development.

Eletrobras has given the mandate to PricewaterhouseCoopers Brazil to manage the sale process, according to the report.

Eletrobras is a state-controlled power holding company. It is into power transmission, distribution and generation businesses.

In another report, Mint said AMD Ventures, the private investment arm of chip maker Advanced Micro Devices Inc., is raising an India-focussed technology fund with a target corpus of close to $200 million.

The fund will be an offshore entity and based out of either Singapore or Amsterdam, the report said, citing two people directly aware of the development.

AMD designs and sells products such as microprocessors, graphics processing units and server processors.

AMD Ventures invests in software and application ecosystem companies that strategically align with its technology or growth plan.

Separately, Mint also reported that the National Investment and Infrastructure Fund (NIIF) is in talks with private equity firm Everstone Group to manage its Green Growth Equity Fund (GGEF).

The report cited a person aware of the development as saying that Everstone will act as the general partner to the fund if the talks are successful.

Last year, NIIF, along with the UK government, committed to anchor-invest £120 million each in GGEF that aims to garner £500 million ($624 million) to invest in India-based green infrastructure companies.

The Indian government had created the NIIF to catalyse capital from international and domestic investors into energy, transportation, housing, water, waste management and other infrastructure and allied sectors in India.

The NIIF’s strategy includes anchoring equity, quasi-equity and debt funds in partnership with investors targeting investments in the relevant sectors in India.

Last month, Hindustan Infralog Pvt. Ltd, a joint venture between Dubai-based DP World and the NIIF, agreed to acquire a 90% stake in Warburg Pincus-backed Continental Warehousing Corporation (Nhava Seva) Ltd.

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