ReNew Power eyes Ostro Energy; AION Capital may acquire Seven Hills’ debt
Photo Credit: Thinkstock

Private equity firm Actis is looking to sell its renewable energy platform Ostro Energy Pvt. Ltd to renewable energy firm ReNew Power Ventures Pvt. Ltd, a report in Mint stated, citing many people in the know.

“ReNew is looking at the Actis platform. There are not many players who have capital at their disposal to make such large acquisitions,” the report cited one unnamed person as saying.

The estimated value of the transaction is not disclosed.

Ostro Energy plans to build a portfolio of 1,000 MW of renewable energy projects by 2019. It currently has commissioned capacity of 648.1 MW wind projects in Rajasthan, Andhra Pradesh, Karnataka and Madhya Pradesh. It also has about 460 MW of wind and solar projects contracted out and under construction across Karnataka, Gujarat, Rajasthan and Telangana, information on its website shows.

In August this year, VCCircle reported that Actis hired Bank of America Merrill Lynch to start the sale process of Ostro Energy.

Sprng Energy, a fully-owned subsidiary of Mauritius-based Solenergi, is the second renewable energy platform set up by Actis in India.

AION Capital may buy debt of Seven Hills Healthcare

Private equity firm AION Capital Partners Ltd is in negotiations to acquire the entire debt of hospital chain Seven Hills Healthcare Pvt. Ltd from a group of lenders led by Axis Bank Ltd, a report in Mint stated, citing two people in the know.

The entire debt of the hospital chain is pegged at around $200 million, the report said.

“AION is in talks with Axis Bank to buy out the entire debt of the hospital chain owned by the lenders. Seven Hills’ Mumbai hospital, though meant to have almost 1,500 beds, is operating at only 20% capacity. That has severely restricted the debt repayment ability of the company,” the report cited one person as saying, on condition of anonymity.

AION Capital Partners Ltd is a joint private equity fund sponsored and run by Apollo Global Management India Advisors Private Limited and ICICI Venture Funds Management Company Ltd.

Seven Hills Healthcare has a hospital each in Mumbai and Visakhapatnam.

As of 31 March 2016, JP Morgan Asian Infrastructure and Related Resources Opportunity (AIRRO) held 49.9% stake in the hospital and the rest is held by promoters.

In September 2008, AIRRO initially invested $64.6 million for a 37.2% stake in Seven Hills Healthcare, valuing the company at $170 million, information from VCCEdge, the data research platform of News Corp VCCircle, shows.

Subsequently, AIRRO invested another $35.78 million in March 2013 and $12.60 million in June 2014.

Leave Your Comment(s)