ReNew Power eyes Waaree’s solar assets; Anand Mahindra buys into Bayside Sports

Goldman Sachs-backed ReNew Power Ventures Pvt. Ltd is looking to acquire the solar power assets of Mumbai-based Waaree Energies Ltd, Mint reported, citing people aware of the matter.

Waaree Energies has about 100 megawatt of solar power assets across Andhra Pradesh and Madhya Pradesh.

Last week, Waaree Energies had raised Rs 100 crore ($15.6 million) in structured finance from Centrum Financial Services Ltd, besides a consortium of investors, including a global private equity fund.

ReNew Power has over 3,500 MW of commissioned and under-construction clean energy capacity across 16 states in India, according to its website.

It counts Goldman Sachs, Abu Dhabi Investment Authority, ADB and Global Environment Fund and Japan’s JERA Co. as its investors. Canada Pension Plan Investment Board is also looking to invest around $320-350 million in the Sumant Sinha-led company.

Meanwhile, Mahindra Group chairman Anand Mahindra has bought a 16.7% stake in Mumbai-based sports academy Bayside Sports (India) Pvt. Ltd for an undisclosed amount, the Press Trust of India reported.

Incorporated in 2013, Bayside Sports was founded by Kyan Bharucha and Vishal Gokani. It organises coaching classes in cricket, football and basketball. It also conducts sports tournaments and sports-themed events, according to its website.

In a separate report, The Economic Times reported that the insolvency resolution professional in charge of Alok Industries has called for fresh expressions of interest for the debt-laden textile company.

Citing two people aware of the development, the report said that the company didn’t receive any expressions of interest in its earlier round of bidding in October.

Alok Industries is undergoing the corporate insolvency resolution process by the National Company Law Tribunal. It is one of 12 large loan defaulters identified by the Reserve Bank of India in its first list for debt resolution under the Insolvency and Bankruptcy Code. As of 31 March 2017, the company’s total borrowings were close to Rs 23,400 crore.

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