Kiran Energy is also engaged in building solar clusters in Gujarat, Maharashtra, Karnataka, Tamil Nadu and Rajasthan with capacities varying between 50 mw and 100 mw. Sources told PTI that the Hindujas have acquired Kiran Energy by buying out the private equity funds who own majority.
Three private equity players who are exiting the company are Argonaut Ventures, New Silk Route and Bessemer Venture Partners India which collectively own nearly 80 percent in the company. The founders Contractor and Rosling and a few others own the rest.
The Hindujas were not reachable for comments, but the sources said the size of the deal could be in the range of Rs 800 to Rs 1,000 crore. A few years ago, co-chairman of the Hinduja group Gopichand Hinduja, had said the group had plans to invest $1 billion to install 1000 mw of solar capacity. Following this, Hinduja National Power had announced plans to expand its generation capacity to 10,000 mw over the next decade at an expected investment of USD 10 billion.
It can be noted that Tata Power had, in June 2016, snapped out Welspun Energy for an estimated Rs 10,000 crore, in what would be the largest solar M&A in the country. Welspun Renewable Energy has a 1.1-gw portfolio.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
Get Breaking news, live coverage, and Latest News from India and around the world on NDTV.com. Catch all the Live TV action on NDTV 24x7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.