ReNew Power, Macquarie eye IL&FS assets; Tata Steel may sell Southeast Asia units

By Keshav Sunkara

  • 09 Jan 2019
Credit: Thinkstock

ReNew Power, Macquarie Infrastructure and Real Assets are among six companies looking to acquire the renewable energy business of cash-strapped Infrastructure Leasing and Financial Services (IL&FS), Mint reported, citing a person aware of the development.

IL&FS has operational assets of 873.5 megawatts (MW) and assets worth 104 MW under construction, according to the report.

IL&FS is selling assets to pare debt. IL&FS and units owe about Rs 91,000 crore, including Rs 57,000 crore to state-run banks.

Separately, Bloomberg reported that GAIL India and Solar Energy Corporation of India have submitted expressions of interest for buying some of the renewable energy assets of IL&FS.

Meanwhile, homegrown ride-hailing unicorn Ola is in discussions to either invest in or acquire Bengaluru-based Metarain Software Solutions Pvt. Ltd, which runs online pharmacy app Myra, Mint reported.

Citing two people aware of the development, the report said the deal is being pushed by their common investor Matrix Partners.

Myra was founded in January 2013 by Faizan Aziz, former chief technology officer at startup Dexetra, and Anirudh Coontoor, who had a stint as a software engineer in Nokia.

In March last year, VCCircle reported that Myra had raised about Rs 12 crore ($1.84 million) in a round of funding led by Tokyo-based management consulting firm Dream Incubator.

Last year, Ola had acquired Matrix Partners-backed Ridlr, a public-transport ticketing app, for an undisclosed sum. In December, it agreed to invest $100 million (around Rs 720 crore) in scooter-sharing firm Vogo.

In another development, Tata Steel is in discussions with Chinese steel producer Hesteel Group to sell its Southeast Asia units, The Economic Times reported.

A Tata Steel spokesperson told the financial daily that nothing has been finalised, but didn't disclose the names of suitors.

According to Tata Steel’s annual report, revenue from Southeast Asia operations for 2017-18 rose to Rs 9,542 crore from Rs 8,245 crore the year before. However, operating profit dropped to Rs 437 crore from Rs 528 crore during the period.

The operating profit fell despite improved selling prices “primarily due to negative sentiment in construction sector in both Singapore and Thailand and elevated scrap prices”, Tata Steel said on its performance in Southeast Asia.

Share article on