Canadian alternative investment firm Brookfield is in advanced talks to invest up to $1 billion through multiple tranches in Avaada Ventures Pvt Ltd, the parent entity of Avaada Group, a media report said.
The infusion will fund the group’s solar module manufacturing and green ammonia plans, as well as its renewable energy generation capacity, The Economic Times reported, citing three people with knowledge of the matter.
Avaada Group has built a portfolio of over 4 GW of renewable (solar and wind) energy under flagship Avaada Energy Pvt Ltd.
Walmart-owned fintech firm PhonePe is in talks to raise $300-400 million from new and existing investors, including private equity firm General Atlantic, at a pre-funding valuation of $12 billion, Business Standard reported.
The new investment is expected to close in a few weeks' time, the report said, citing sources. It follows the company recently raising $100 million in primary capital from Ribbit Capital, Tiger Global and TVS Capital Funds and $350 million in a funding round led by General Atlantic.
“The conversations are going on and the deal may be announced in a few weeks,” Business Standard reported, citing a person familiar with the development.
PhonePe hopes to garner up to $1 billion in capital after shifting its domicile to India from Singapore.
GQG-Adani
The Adani Group is likely to make an announcement early this week on selling a stake in its cement business, with GQG Partners being one of the probable buyers, The Hindu BusinessLine reported, citing sources with knowledge of the matter.
On Friday, the newspaper had reported that the Adani Group was planning to sell a part of its stake in ACC and Ambuja Cements to raise about Rs 3,600 crore.
On March 2, Adani Group raised about $1.9 billion by selling stakes in Adani Enterprises, Adani Ports, Adani Transmission and Adani Energy to GQG Partners.
Rajiv Jain, Chairman and Chief Investment Officer of GQG Partners, subsequently indicated that his company could invest more in the Adani group.
