State-owned GAIL, formerly known as Gas Authority of India Ltd, is in talks to pick up 49-74% stake in privately owned ACME Solar Holding Ltd, four people aware of the matter told The Economic Times.
“The discussions are at an early stage and the financial terms are yet to be discussed with ACME’s shareholders. The proposal has not been taken up by GAIL’s board,” one of the persons said.
“Talks are open-ended. The deal could involve an investment in the parent company and also separate investments in certain special purpose vehicles or SPVs that house individual projects,” another person said.
ACME Solar Holding has a portfolio of solar power projects.