By
Hero Future eyes Fotowatio's solar project; SoftBank may invest $400 mn in FirstCry
Photo Credit: Reuters

Hero Future Energies Pvt. Ltd,  the renewable power unit of Hero Group, is looking to acquire a solar power project from Fotowatio Renewable Ventures, a media report said.

The project is located in Andhra Pradesh and has a capacity of 135 megawatt, Mint reported, citing two people aware of the development it didn't name.

Fotowatio is a Spanish company which was acquired by Saudi Arabia's Abdul Latif Jameel Energy and Environmental Services in 2015. It had won the project via an auction by Solar Energy Corporation of India in 2016. The auction was part of the National Solar Mission, which was launched by the government to achieve 100 GW of solar capacity by 2022. 

Greenstone Energy Advisors is managing the sale, the report said. It didn't specify any financial details of the proposed deal.

If the deal goes through, it would be the second acquisition by Hero Future. In August 2018, Hero Future had acquired 75 MW assets of Waaree Energies Ltd for about Rs 500 crore.

Delhi-based Hero Future has total installed capacity of 1.2 GW and plans to ramp it up to 3.5 GW by 2022, according to its website. The company is backed by International Finance Corporation, the private-sector investment arm of the World Bank.

In another development, The Economic Times reported that Japan's SoftBank plan to invest $400 million (Rs 2,840 crore) in baby- and mother-care product retailer FirstCry.

SoftBank would acquire a 42% stake in FirstCry, operated by BrainBees Solutions Pvt. Ltd, the report said, citing three people aware of the development. The deal would value FirstCry around $600-700 million, it said.

The report also said that none of FirstCry’s existing investors are likely to exit. 

FirstCry is the most-funded baby products e-tailer in India. It has raised about $125 million till date from a bevy of investors including  Chiratae Ventures (earlier known as IDG Ventures), SAIF Partners, Swiss private equity fund Adveq and industry doyen Ratan Tata. 

The company had last raised funding in October 2016 when it acquired baby-care products retailers BabyOye from diversified conglomerate Mahindra Group.

Leave Your Comment(s)