Grapevine: Fotowatio seeks new buyer for India solar business
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Fotowatio Renewable Ventures, the largest Arabian green energy utility, is likely to seek a new buyer for its Indian solar business following delays in negotiations with Hero Future Energies, a media report said.

The sale of the assets could fetch up to Rs 1,000 crore ($139 million at current exchange rate), the Mint newspaper said, citing three people in the know.

Fotowatio owns a 135 megawatt solar power project in Andhra Pradesh. In January, it was reported that FRV was in talks with Rahul Munjal-led Hero Future Energies for a stake sale.

Fotowatio is owned by Abdul Latif Jameel Energy and Environmental Services. The Saudi Arabia-based company had acquired Fotowatio in 2015.

Hero Future Energies is backed by Hero Group, a diversified conglomerate run by the Munjal family. The group’s flagship is Hero MotoCorp Ltd, India's largest two-wheeler maker.

The family owns a majority stake in the company through its investment vehicles, while International Finance Corporation and its infrastructure fund are also significant shareholders.  

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