Fotowatio Renewable Ventures, the largest Arabian green energy utility, is likely to seek a new buyer for its Indian solar business following delays in negotiations with Hero Future Energies, a media report said.
The sale of the assets could fetch up to Rs 1,000 crore ($139 million at current exchange rate), the Mint newspaper said, citing three people in the know.
Fotowatio owns a 135 megawatt solar power project in Andhra Pradesh. In January, it was reported that FRV was in talks with Rahul Munjal-led Hero Future Energies for a stake sale.
Fotowatio is owned by Abdul Latif Jameel Energy and Environmental Services. The Saudi Arabia-based company had acquired Fotowatio in 2015.
Hero Future Energies is backed by Hero Group, a diversified conglomerate run by the Munjal family. The group’s flagship is Hero MotoCorp Ltd, India's largest two-wheeler maker.
The family owns a majority stake in the company through its investment vehicles, while International Finance Corporation and its infrastructure fund are also significant shareholders.
