Mumbai: Hinduja National Power Corp, a part of the Hinduja Group, has acquired Kiran Energy Solar Power for around Rs 1,000 crore, two sources close to the development have said.
The company had last year initiated talks to acquire city-based Kiran Energy which is an integrated developer- operator and a pioneer of grid connected solar PV plants in the country.
Kiran Energy was founded by Ardeshir Contractor and Alan Rosling, a former Tata Sons executive director in 2010, and has a operational portfolio of around 85 mw now.
The company 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 per cent 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 USD 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.
Total projected capacity will be a mix of thermal, hydro, nuclear and renewable energy, asp the company website.
The company has already commissioned its 1,040-mw coal-fired thermal power plant near Visakhapatnam in Andhra.
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.