Ontario Municipal Employees Retirement System’s (Omers) infrastructure investment manager is looking to invest up to $750 million (Rs 5,517 crore) for a minority stake in India’s second-most valuable renewable energy company, Greenko Energy Holdings, people in the know told The Economic Times.
The exact deal contours, including quantum of stake dilution, are yet to be finalised but the proposed investment from Omers is expected to be a primary infusion, said the people cited above.
There is no certainty that a deal will be reached, said one of the persons.
A fifth of the Hyderabad-based clean energy company was bought by Japan’s Orix Corp. for $980 million in September.
Along with Warren Buffet’s Berkshire Hathaway Energy and state-backed Chinese investment fund CNIC Corp, Omers was among those that engaged with Greenko’s founders even before the Orix deal.
In July last year, Greenko raised $329 million from existing investors GIC and Abu Dhabi Investment Authority (ADIA). GIC will remain the largest shareholder.
In another development, Blackstone has won the race to acquire Piramal Glass for $1 billion (Rs 7,357 crore), of which $850 million will be paid upfront and the remaining will be milestone payments over the next three years, people in the know told The Economic Times.
Both sides reached an agreement on Thursday but a formal announcement is yet to be made. Blackstone pipped rival Bain Capital in the race.
Piramal Glass is the largest speciality glass packaging company in Asia catering to three key industries—pharmaceuticals, cosmetics and perfumery, and food and beverage.
