Grapevine: Greenko may buy NEC Energy Solutions; Schneider to sell Luminous

By Ankit Agarwal

  • 25 Nov 2020
Credit: Thinkstock

Greenko Energy Holdings has emerged as the preferred buyer for US-based NEC Energy Solutions at a deal value of around $300 million (about Rs 2,220 crore), a Mint report said citing two people aware of the development.

This comes against the backdrop of Greenko investing in Silicon Valley-based Keracel, a maker of solid-state batteries. Also, it comes after the single-largest foreign clean energy investment in India so far of $980 million for a 17% stake in Greenko, announced by Japan’s ORIX Corp. on 11 September.

It was previously reported that Greenko plans to invest around $1 billion in a new battery storage business that includes a plan to produce lithium-ion batteries in India for power grid-scale applications and electric vehicles.

Meanwhile, Schneider Electric is looking to sell its wholly-owned inverters business, Luminous Power Technologies, at a valuation of up to $600 million (Rs 4,438 crore), The Economic Times said citing three people with knowledge of the development.

Schneider acquired a 74% stake in the company for Rs 1,400 crore in 2011 from Rakesh Malhotra and others. Later in 2017 it acquired the remaining stake for an undisclosed amount.

“The initial feelers have been sent to buyout funds and other strategic buyers. A formal process will be launched soon,” said one of the persons.

“Since the inverters business has grown to a reasonable size, the company wants to monetise the asset,” said another person.