Investors Mulls Reportedly Acquisition Of Kiran Energy From Private Equity Funds
Mar 23 15
Adani Power Limited (BSE:533096), The Tata Power Company Limited (BSE:500400) and JSW Energy Limited (BSE:533148) are reportedly seeking acquisition of stake in Kiran Energy Solar Power Pvt. Ltd. from Argonaut Ventures LLC, Bessemer Venture Partners and New Silk Route.
“Three private equity funds, which own about 80% of Mumbai-based solar power producer Kiran Energy, are seeking to sell their INR 12 billion, or stake at a valuation of $200 million,” two people with direct knowledge of the plan said. Argonaut Ventures, New Silk Route and Bessemer Venture Partners jointly invested about $44.4 million in 2010 in the startup founded by Ardeshir Contractor. "The private equity investors are looking to exit and the promoters will also sell out if they get good strategic value," said one of the people cited above. The investors and promoters have appointed investment bank Citi group Capital Markets to look for potential buyers. "All the global buyout funds and strategic investors have been approached," said the second person cited above. According to sources, local power producers such as Adani Power, Tata Power and JSW Energy have also been tapped. "Tata Power constantly evaluates opportunities across the power value chain," a Tata Power spokesperson told Economic Times. "The company, however, as a policy does not comment on market speculation," Tata Power spokesperson said. Kiran Energy, Argonaut Ventures, Bessemer Venture Partners and New Silk Route did not respond to emailed questions.
Kiran Energy Presents at Bloomberg New Energy Finance Summit, Apr-23-2013 03:00 PM
Apr 16 13
Kiran Energy Presents at Bloomberg New Energy Finance Summit, Apr-23-2013 03:00 PM. Venue: Grand Hyatt, New York, New York, United States. Speakers: Ardeshir Contractor, CEO.