Hinduja National Power Corporation, part of the Hinduja Group, has acquired Kiran Energy Solar Power. The estimated value of acquisition is Rs 10 billion. Kiran Energy has an operational portfolio of 85 MW capacity and is engaged in building solar clusters in Gujarat, Maharashtra, Karnataka, Tamil Nadu and Rajasthan with capacities varying between 50 MW to 100 MW. Hinjuas have acquired Kiran Energy by buying out the private equity funds who own majority.
Set up in 2009 by Ardeshir Contractor, former head of KPMG’s investment banking division in India and Alan Rosling, previously with Tata Sons, it roped in investment from private equity firms Argonaut Ventures, New Silk Route and Bessemer Venture Partners over the next two years. The three firms owned around 80 per cent of Kiran Energy, but had been looking to exit for some time.
It is an all-cash deal in which Hinduja Power will buy 100 per cent shares of Kiran Energy. Yes Securities’ Sustainable Investment Banking division – part of Yes Bank – were the sole advisers for the deal on behalf of Kiran Energy.