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Greenko-Orange Renewable deal back on track; IL&FS to sell wind energy assets
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Renewable energy major Greenko Group is set to buy AT Capital-backed Orange Renewable Power Pvt. Ltd for an enterprise value of $850 million (Rs 6,300 crore at current exchange rates), according to a report in The Economic Times.

Greenko had in June agreed to acquire Orange Renewable for an equity value of $300 million (about Rs 2,000 crore). The deal’s enterprise value, including debt, was pegged at around $922 million then.

Last month, Mint reported that Greenko had abandoned plans to buy Orange Renewable. The report quoted Greenko founder Mahesh Kolli as saying that the contract had expired because of a “technical” reason.

New Delhi-headquartered Orange Renewable was founded by Arvind Tiku, who also started private equity firm AT Capital.

Greenko is backed by sovereign wealth funds GIC Holdings Pte Ltd and Abu Dhabi Investment Authority (ADIA).

Separately, citing people aware of the development, the report said Greenko is also in advanced discussions to acquire 385-megawatt wind energy platform Skeiron Renewable Energy Pvt. Ltd for $528 million (Rs 3,900 crore).

Skeiron’s existing investors include private equity firms Asia Climate Partners and Olympus Capital Asia.
 
Skeiron chief executive Pranav Tanti told the financial daily that the company is in talks with multiple parties but nothing has been finalised.

In another development, cash-strapped Infrastructure Leasing and Financial Services Ltd (IL&FS) is looking to sell 775 megawatt (MW) of assets of IL&FS Wind Energy, Mint reported.

Citing two people aware of the development, the report said HSBC is advising IL&FS on the proposed sale.

The estimated value of assets is around Rs 4,500 crore, the report added.

IL&FS, which was taken over by the government last week, is also in talks to sell many of its assets to pare debt, which stands at around Rs 90,000 crore.

Last month, Mint reported the Aditya Birla Group was in preliminary discussions to acquire IL&FS Education and Technology Services.

In addition, The Economic Times reported that Italy’s Benetton family-controlled infrastructure group Atlantia was in advanced talks with IL&FS to buy some of its road projects for about $1.2 billion.

Mint had reported that IL&FS was looking to sell a majority stake in its IL&FS Financial Services to pare debt

Also, VCCircle reported that private equity firm Blackstone was in talks to buy IL&FS Financial Centre at Bandra Kurla Complex in Mumbai.

On the startups front, Bengaluru-based Foodvista India Pvt. Ltd, which operates online food delivery platform FreshMenu, is in early talks to raise $75 million in a Series C round of funding, The Economic Times reported.

Citing two people aware of the development, the report said private equity firms TPG, General Atlantic, Kedaara Capital and Singapore state investment firm Temasek are among the suitors looking to acquire a 25-30% stake.

FreshMenu will raise about $50 million as primary capital. It will use the proceeds to expand its kitchens, the report said.

Kotak Mahindra Capital is advising FreshMenu on the transaction, according to the report.

Founded in 2014 by Indian Institute of Management-Ahmedabad alumnus Rashmi Daga. FreshMenu prepares meals and delivers them from its own kitchen facilities.

It has so far raised around $22 million from investors, including Zodius Technology Fund, Lightspeed Venture Partners and GrowthStory.

Separately, Chinese electronics maker TCL has expressed interest in acquiring Videocon’s brand name, The Times of India reported.

Mike Chen, country manager for TCL in India, told the newspaper that the firm is evaluating and analysing the Videocon brand.

Videocon Industries, which has a debt burden of around Rs 20,000 crore, is currently undergoing insolvency proceedings at the National Company Law Tribunal (NCLT).

Last month, the resolution professional of Videocon Industries had called for a resolution plan from prospective buyers.

TCL is looking to acquire Videocon’s brand name but is not interested in its production facilities, the report said.

Videocon is engaged in manufacturing, assembling and distribution of consumer electronics and home appliances. It has facilities at Aurangabad, Shahjahanpur, Warora and Bharuch. It also holds oil and gas assets in India and abroad.

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