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Grapevine: Brookfield may invest in SBG Cleantech; Premji, SBI mull joint bid for Future JV
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SoftBank-backed SBG Cleantech has approached Brookfield for up to $600 million (Rs 4,530 crore at current exchange rate), people aware of the development told The Economic Times

The investment will be used to complete its ongoing and future projects in India and the US.

The transaction could be a combination of a convertible instrument like mezzanine debt and equity, they added.

SBG Cleantech is an 80:20 joint venture between SB Energy, the renewables subsidiary of SoftBank Group, and Bharti.

“They have approached several potential investors with an offer to dilute around 30% of SB Energy’s stake in the joint venture,” said a global cleantech investor privy to these discussions.

Meanwhile, billionaire Azim Premji’s investment firm PremjiInvest and SBI General Insurance are exploring a joint bid to acquire Future Generali, a Times of India report disclosed.

Future Group is keen to sell its stake in the insurance venture and Italy’s Generali Group is also considering an exit from India, the report said.

PremjiInvest had acquired a 16% stake in SBI General Insurance last year.

The  Future Group had held talks with Hero Corporate Services, and PE firms Multiples and True North to offload its holding in the insurance JV.

If the deal goes through, persons in the know said SBI might consider a merger with its own insurance arm. That could give a big boost to PremjiInvest, whose stake in SBI General Insurance could go up, the persons added.

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