By
Piramal sets sights on Mytrah Energy; Accor may check into Treebo Hotels
Photo Credit: Pexels

Piramal Enterprises Ltd, which tied up with Canada Pension Plan Investment Board (CPPIB) last week to set up an infrastructure investment trust for the green energy sector, is looking to buy the operational renewable power projects of Mytrah Energy, a media report said.

The Economic Times reported, citing two industry sources it didn't name, that the planned acquisition would be the first deal for the InvIT floated by the billionaire Ajay Piramal-led group and CPPIB.

Piramal Enterprises had, in late 2017, loaned $277 million to Mytrah to provide exits to investors such as IDFC Alternatives, AION Capital, Merrill Lynch and Goldman Sachs.

The Economic Times report said that Piramal didn't want the Mytrah Energy debt to be a non-performing asset and was thus keen to acquire its operational assets. Mytrah has 2,000 MW of renewable power assets spread across 15 wind farms in nine states.

In another development, global hotel chain Accor SA is in talks to invest up to $50 million (Rs 350 crore) for a significant minority stake in Treebo Hotels, the Mint reported, citing two people aware of the development.

If the deal goes through, Accor will also get the right to acquire a majority stake in Treebo at a later date, the report said.

Treebo was founded in March 2015 by Indian Institute of Technology-Roorkee alumni Rahul Chaudhary, Sidharth Gupta and Kadam Jeet Jain.

It last raised $34 million in a Series C round of funding in August 2017.

Treebo competes with the likes of Oyo, which is backed by marquee investors including SoftBank Group Corp and Airbnb.

In another report, Mint said that Bengaluru-based luxury car rental startup HYPE Technologies is in talks to raise $25-30 million in its Series A round of funding.

The company is in talks with venture capitalists, private equity firms, finance management companies, and carmakers including BMW Group India and Mercedes India, chief executive Raghav Belavadi told Mint. The startup will use the funds to buy vehicles, he added.

The startup has presence in cities like New Delhi, Mumbai, Bengaluru, Hyderabad, Chandigarh, Chennai, and in Goa.

Meanwhile, Amsterdam-based Global University Systems is in talks to buy the India business of US-based Laureate Education for at least Rs 1,200 crore, The Times of India reported, citing two people familiar with the development.

Laureate, which owns businesses like Pearl Academy, had also received interest from Jagran Group and Ranjan Pai-owned Manipal Education and Medical Group. However, talks with Global University have advanced, the report said.

Leave Your Comment(s)