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Thailand's PTT in talks with Goldman Sachs for stake in ReNew Power: Report

Thai state-owned energy giant PTT is willing to invest $500 million in India's ReNew Power at a valuation of around $2.2 billion.

July 29, 2020 / 01:22 PM IST
Representative image

Representative image

Thailand's PTT Group is holding discussions with Goldman Sachs to purchase a stake in India's ReNew Power, according to a report by The Economic Times.

US investment bank Goldman Sachs could shed at least half of its 48 percent stake in the Gurugram-based renewable energy company, the report suggests.

PTT, the Thai state-owned energy giant, is reportedly willing to invest a minimum of $500 million in the company at a valuation of around $2.2 billion, lower than the valuation ReNew Power had sought two years ago. PTT is conducting due diligence and is being advised by EY on the deal, the report suggests.

Moneycontrol could not independently verify the report. Goldman, ReNew Power declined to comment when contacted by the newspaper and PTT had not yet responded.

"The discussions are being led by Goldman’s teams in London and Hong Kong. They have been talking for months with existing and new to monestise their investment as the life of the original fund that had invested got over. With traditional oil and gas companies diversifying into environment friendly investment opportunities for their ESG compliance you will see more of this trend," a person aware of the development told the newspaper.

The transaction's details are still being finalised and there is no guarantee that a deal will materialise, the report adds.
Moneycontrol News
first published: Jul 29, 2020 01:22 pm
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