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Greenko gets $495 mn from GIC, ADIA; KKR-backed Avendus in race for IDBI Mutual Fund
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Singapore sovereign wealth fund GIC and the Abu Dhabi Investment Authority (ADIA) are making an equity investment of $495 million in renewable energy company Greenko Energy Holdings.

The company will use the money for two projects with total capacity of 2.4 gigawatts, at least three media reports said, citing a Greenko statement. The projects have a capital outlay of $2 billion and will be completed in 2022.

The company had previously received more than $800 million in funding from GIC and ADIA. It last received $447 million in June 2018.

Greenko had raised $155 million from GIC and ADIA in 2017 and about $230 million the year before.

Greenko has operational capacity of 4.2 GW across wind, solar and hydroelectric segments. It is also constructing projects with total capacity of 7 GW, said Mahesh Kolli, joint managing director at Greenko.

Meanwhile, KKR-backed Avendus as well as Mahindra, IIFL, Edelweiss and Motilal Oswal are in the fray to acquire IDBI Asset Management Company, financial news platform Moneycontrol reported.

Mumbai-based IDBI Asset Management Company is seeking a valuation of Rs 350-400 crore, which is 4% of its total assets under management of Rs 9,297 crore as of March-end, the report said.

Last week, IDBI Bank had invited bids to divest its stake in its mutual fund arm. IDBI Bank has appointed ICICI Securities for the sale.

In another development, Suprajit Engineering has entered into an agreement to acquire Osram India’s halogen bulb factory near Chennai by the end of September 2019.

The acquisition, to be funded by internal accruals, will boost Suprajit’s manufacturing capacity and make it the third-largest halogen bulb manufacturer in the world.

“We continue our philosophy of de-risking and growing our business with our customers,” said Ajith Kumar Rai, chairman, Suprajit Group.

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