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Grapevine: Petronas eyes stake in Tata Power units; Piramal glass biz draws more suitors

By Ankit Agarwal

  • 22 Sep 2020
Grapevine: Petronas eyes stake in Tata Power units; Piramal glass biz draws more suitors
Credit: Pexels

Malaysia’s state-run energy giant Petroliam Nasional Bhd (Petronas) is eyeing a 10% stake in the wholly-owned clean energy unit of Tata Power Co. Ltd, four people aware of the development told Mint.

It is also looking to acquire a stake in Tata Power’s renewable energy infrastructure investment trust (InvIT), they added.

“In addition to offering a 51% stake in its InvIT, Tata Power is also open to selling a minority stake in Tata Power Renewable Energy Ltd that will provide access to development projects,” said one of the persons.

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Petronas had acquired Amplus Energy Solutions in April 2019, marking its foray into the global clean energy space.

Meanwhile, Apollo Global Management and Multiples Alternate Asset Management have entered the race to acquire Piramal Group’s glass business, people in the know told The Economic Times.

The glass business was reported to go on the block in July.

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PE giant Blackstone and Partners Group Holding AG were already in the fray. The business could fetch a value of up to $1 billion (Rs 7,346 crore). All four have begun the due diligence and may submit the binding bid next month.

“Multiples PE might be backed by Canada Pension Plan Investment Board (CPPIB) in this deal. They have a co-investment agreement for the recent fund that it raised,” said one of the persons.

In another development, Bengaluru-based vehicle-sharing marketplace Drivezy is in talks to raise $30 million (Rs 220 crore) in a round of funding led by an undisclosed West Asian sovereign fund and the investment arm of UK-based international oil company Shell Global.

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People aware of the matter told Inc42 that Shell has already invested. However, the company’s co-founder Ashwarya Pratap Singh has denied the report.

Drivezy was founded in 2015 by Ashwarya Pratap Singh, Hemant Kumar Sah, Vasant Verma, Abhishek Mahajan, and Amit Sahu. It offers peer-to-peer bike and car sharing service.

Last year it was reported that Drivezy was in talks to raise $100 million in an equity financing round from Japanese conglomerate SoftBank on the condition of a merger with self-drive car rental service Zoomcar.

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