Hyderabad-based renewable energy firm Greenko Energies Pvt. Ltd is in talks to acquire Anil Ambani-led Reliance Infrastructure Ltd’s Mumbai electricity business for an enterprise value of Rs 10,000-13,000 crore ($1.75-2 billion), a financial daily reported.
According to the 2015-16 annual report of Reliance Infrastructure, its Mumbai distribution business, which caters to 29.5 lakh customers, had registered sales revenue of Rs 6,090 crore. The business falls under Reliance Energy Ltd.
In 2015, Reliance Infrastructure had signed a non-binding term sheet with Canadian pension fund manager Public Sector Pension Investment Board to sell a 49% equity stake in its power business in Mumbai and adjoining areas for an undisclosed amount.
Those negotiations had ended and the company subsequently started talks with other potential suitors, The Economic Times report said, quoting people aware of the development.
Hong Kong-based CLP group has also held discussions with Reliance Infrastructure, but Greenko is believed to be the front-runner. However, no binding agreements have been signed yet, the report added.
Greenko is one of the leading renewable energy generation companies in India. As of June 2017, it had commissioned solar power capacity of 1,082 MW, says a report by renewable energy consultant Bridge to India.
Sajjan Jindal-owned JSW Steel is in talks with Algeria’s Cevital Group to acquire the Aferpi steel mill in Italy for $100 million (about Rs 639 crore), media reports said.
According to a Press Trust of India report, quoting one person aware of development, JSW Steel is planning to increase its manufacturing capacity to 40-45 million tonnes by 2030 from the present 18 million tonnes.
In 2014, the Indian steel maker had tried to acquire the mill, then known as Lucchini, but the deal fell through. Subsequently, Algerian conglomerate Cevital had acquired the company and renamed it Acciaierie e Ferriere di Piombino (Aferpi).
Aferpi produces a wide range of quality and special steels, with different shapes and sizes for rails, wire rods and bars, according to its website.