Bottomline: NIIF-controlled Ayana loses momentum as revenue growth slows, profit slumps
The financial year 2023-24 was not a particularly fruitful one for green energy company Ayana Renewable Power Pvt Ltd as it recorded a decline in its net profit and a slowdown in revenue growth. Ayana, which is 51% owned by the Indian government-backed National Investment and Infrastructure Fund (NIIF) and counts ......
ACME’s multi-billion-dollar plans are hitting its prospects. Can it spring a surprise?
Four years ago, solar energy producer ACME Group was facing an existential crisis of sorts. But last year, it announced three projects in a new vertical that could cost over $15 billion and could again put its financial position in jeopardy. Consider this: In March 2022, ACME announced an equal joint venture with Norwegian renewable energy company Scatec to set up a green ......
We don't play on cost, can reject low-paying mandates: IndusLaw's M Arun Kumar
IndusLaw, one of India’s largest law firms by number of partners and lawyers, has been rocked in recent months by the departure of many partners and lawyers. However, the firm has a strong presence in several practice areas and doesn’t need to play on costs to get clients, says M. ......
ACME loses JV partner for multi-billion-dollar project in Middle East
Indian renewable energy producer ACME Group’s plan to set up a multi-billion-dollar green ammonia project in the Middle East has run into rough weather after its joint venture partner decided to pull out, VCCircle has gathered. ACME, led by founder and chairman Manoj K Upadhyay, had in March 2022 agreed to form ......
Rothschild appointed to raise $500 mn equity for ACME project
India’s largest pure-play solar platform, the ACME Group, has given a formal mandate to Rothschild and Co. to raise $500 million equity by selling a stake in ACME Cleantech Solutions Pvt. Ltd, said two people in the know. The funds will be raised for the large green hydrogen and green ammonia ......
How Actis-backed BluPine Energy is sharpening focus on commercial, industrial segment
BluPine Energy, the Indian renewable energy platform of private equity firm Actis, could soon make its biggest foray yet in the commercial and industrial segment even as it considers raising its C&I target, a senior executive told VCCircle. The company is set to ink power purchase agreements (PPAs) for up to ......
Can ACME Cleantech squeeze past policy and payment woes to avoid liquidity concerns?
Solar power developer ACME group is battling policy flip-flops, low tariffs and a payments backlog that have strained cash flow and heightened concerns about its financial position. In the latest sign of woes for Gurugram-based ACME Cleantech Solutions Pvt. Ltd, CARE Ratings Ltd changed its outlook for two of its projects ......
Why Malaysia’s Petronas paid a premium to buy Acme Solar’s assets
Malaysian state-run oil giant Petronas has acquired two solar power plants from Acme Solar Holdings Ltd, paying a higher valuation for the assets than other recent deals in India as it expands its renewable energy business. Petronas, via unit Amplus Energy Solutions, bought the power plants in a deal valued at ......
Grapevine: RIL eyes stake in Tata Play; Warburg, Bain compete for Shriram Housing
Reliance Industries (RIL) is in talks to acquire a 29.8% stake in Tata Play from the Walt Disney Company, marking what could potentially be the first-ever joint venture between two of India’s biggest business conglomerates, a media report said. Bankers are currently assessing the value of Disney's stake in Tata Play. ......
Eversource to get a cheque from existing LP for smart metering platform
Climate-focused alternative investment firm Eversource Capital is set to receive funding from one of its existing limited partners for its India-focused smart metering platform, as it moves forward in a sector that has also attracted Singapore sovereign wealth fund GIC and US-based infrastructure private equity firm I Squared Capital. Eversource, formed ......
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