Grapevine: PTT Group eyes Avaada stake; Dream11 in fundraising talks
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Thailand’s PTT Group, among others, has shown interest in buying around 22% stake in renewable energy producer Avaada Energy Pvt. Ltd for about $220 million (about Rs 1,594 crore), Mint reported, citing two people aware of the development.

PTT Group has separately shown interest in buying a stake from Goldman Sachs Group in ReNew Power Ventures Pvt. Ltd.

In 2019, Malaysia’s state-run oil and gas firm Petroliam Nasional Bhd or Petronas acquired Amplus Energy Solutions Pvt. Ltd. Petronas is also looking to buy about a 10% stake in Tata Power Renewable Energy Ltd.

French energy giant Total formed an equal joint venture with Adani Green Energy Ltd.

Italy’s Eni SpA, Norway’s Statoil ASA, Royal Dutch Shell Plc and Russia’s Rosneft are among other global oil majors that have shown interest in India’s clean energy space.

In another development, online fantasy sports platform Dream11 is in talks with investors including Abu Dhabi’s Alpha Wave Incubation managed by Falcon Edge to raise up to $300 million (about Rs 2,173 crore) at a valuation of around $4 billion (about Rs 28,976 crore), three people in the know told The Economic Times.

“Existing investors, including the likes of China’s Tencent, Kalaari Capital and Multiples Alternate Asset Management, are among those looking to sell their shares. The deal may involve some primary cash infusion but the final contours are still being worked out,” said a person in the know.

In September last year, Dream Sports raised $225 million (about Rs 1,631 crore), which too was largely a secondary stake sale transaction at a valuation of about $2 billion (about Rs 14,498 crore).

Also, Sajjan Jindal-led JSW Steel is close to completing the Rs 19,700 crore (about $2.7 billion) takeover of debt-laden Bhushan Power & Steel Ltd (BPSL) after a three-year bankruptcy resolution process, five people familiar with negotiations said.

“Large creditors who control the lion’s share of the debt are on board. It will now be put before the larger committee of creditors as early as this week. It is likely the transaction will be completed in March,” said one of the persons cited above. The company owed lenders Rs 48,000 crore (about $6.6 billion).

Large financial creditors have agreed to give JSW an assurance that they will return the money to the company in case ongoing matters related to BPSL in the Supreme Court have any adverse impact on it.

Separately, EkAnek, which runs the beauty shopping and live video commerce app Foxy, acquired community-led commerce platform Marsplay a few weeks ago, Entrackr reported, citing three sources.

“The size of the deal is in the range of Rs 8-10 crore (about $1.1-1.3 million). The co-founders have left after the acquisition, while the remaining team of Marsplay has joined Foxy,” said one of the sources.

According to Tracxn data, the company was valued at over $4 million (about Rs 28.9 crore) in its pre-Series A round led by Venture Highway in September 2019. Hence, the deal seems to be a stressed one, the report said.

“Marsplay was not in a healthy state and was finding it tough to raise capital for quite some time,” said the second person.

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