Religare Enterprises is looking to divest a majority holding in its wholly-owned lending subsidiary Religare Finvest and has begun talks with a local strategic investor.
They expect to finalise a binding agreement with the investor by the end of the year, a person familiar with the matter told The Economic Times.
Last year, the company entered into a binding term sheet to divest shares of Religare Finvest to financial investor TCG Advisory Services Pvt. Ltd, an asset management company. But the deal got cancelled after the central bank in March disapproved it for undisclosed reasons.
In another development, Malaysia’s Petroliam Nasional Bhd (Petronas) has acquired 100 MW of solar energy assets from Acme Solar at an enterprise value of Rs 800 crore (about $110 million), two people aware of the development told The Economic Times.
The assets, located in Karnataka, were acquired through its Indian unit, Amplus Energy Solutions, which was bought by Petronas last year.
Last month, UK-based Actis acquired two solar projects from Acme.
Acme is one of the largest solar independent power producers in India with a diversified portfolio of five gigawatt spread across multiple states and with a mix of central and state utilities.
