Waaree Renewable Technologies, whose parent firm Waaree Energies Ltd is set for an IPO in October, is looking to acquire Italy-based clean energy major Enel Group’s Indian subsidiary, CNBC-TV18 said in a report on September 27.
The Italian parent of Enel Green India is looking to sell its new energy business for $300-$350 million, the channel said. The Indian arm has a clean energy portfolio of 760 MW of operational wind and solar power assets, the report added.
According to the report, Waaree Renewable is seeking an independent power producing platform with the help of this acquisition.
Moreover, JSW Energy is also in the race to buy Enel’s Indian business, according to the report.
Waaree Energies is set to launch its initial public offering in mid-October, Moneycontrol had earlier reported.
The solar PV modules manufacturer received the final regulatory approval for its proposed public issue on September 20.
The company plans to raise Rs 3,000 crore through a fresh issue of shares with a face value of Rs 10 per equity share, and an offer for sale (OFS) of up to 32 lakh equity shares, as outlined in its draft red herring prospectus (DRHP) filed with SEBI in January.
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