Grapevine: Brookfield to buy Mahindra Susten assets; General Atlantic to part-exit KFintech
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Canada’s Brookfield Asset Management Inc. has signed an exclusivity agreement to buy Mahindra Susten’s engineering, procurement and construction (EPC) business along with 1,200 megawatts (MW) of solar assets at an enterprise value of around Rs 5,000 crore (about $686 million). The development was reported by Mint, which cited two people aware of the matter.

Mahindra Susten was earlier running two separate programmes to divest its assets — one comprising the sale of 600MW under-construction solar projects and the EPC business that was managed by EY. Rothschild was handling a separate sale of its operational 600MW solar assets.

However, Brookfield has exclusivity on it now as part of one deal, said one of the people cited above.

In February 2020, Mahindra had announced the sale of three of its subsidiaries — Cleansolar Renewable Energy Pvt. Ltd, Divine Solren Pvt. Ltd and Neo Solren Pvt. Ltd — to CLP India for Rs 340 crore (about $46.6 million).

Meanwhile, private equity firm General Atlantic is looking to sell about 40% stake in KFin Technologies (KFintech), formerly Karvy Fintech, to a new investor, according to a report in The Economic Times.

Barclays has been hired to run the sale. General Atlantic holds about 84% stake in KFintech.

KFintech, a leading registrar and transfer agent for initial public offerings and mutual funds, will be valued at Rs 3,000 crore (about $411 million), people aware of the development told The Economic Times.

General Atlantic had acquired a majority stake in Karvy Fintech at a valuation of Rs 2,000 crore (about $274 million) in 2018.

Meanwhile, Bodal Chemicals is in advanced talks to buy the chlor-alkali business of Mawana Sugars at a valuation range of Rs 150-175 crore (about $20.5-24 million), people aware of the matter told The Economic Times.

New Delhi-based Mawana is looking to sell its non-core businesses.

“A definitive agreement for the deal is likely soon and the transaction is expected to get announced as early as next week,” said one of the people cited above.

In another development, OneCard maker FPL Technologies has raised Rs 183 crore (about $25 million) in its Series B round led by existing backer Sequoia Capital, according to a report by Entrackr, which cited regulatory filings.

Sequoia infused Rs 133.26 crore (about $18 million), while Matrix invested Rs 38.7 crore (about $5.2 million) and Hummingbird Ventures has put in Rs 11 crore (about $1.5 million).

Individual investors Disha Shah and Hari Velayudan also pumped in Rs 4.4 lakh (about $6,000) each in the two-year-old startup.

Sequoia and Matrix had led Pune-based FPL Technologies’ $10 million (about Rs 72 crore) Series A round in August 2020.

Separately, on Monday, Bain Capital affiliate entities BC Asia Growth Investments and BC Investments VI Ltd sold 80.4 lakh shares at Rs 23.02 (about 32 cents) apiece and 50.6 lakh shares at Rs 23.23 per share respectively in L&T Financial Holdings Ltd RE as part of a bulk deal on the National Stock Exchange.

On the flip side, Norges Bank (representing Norwegian Sovereign Fund) bought 1 crore shares at Rs 23 apiece, while ECL Finance Ltd invested in 31.23 lakh shares at Rs 23.62 per share.

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