Indian firms line up for Welspun's green projects
Business Standard reported that Hero Future Energies, ReNew Power and Reliance Cleangen are evaluating the renewable energy portfolio of Welspun Enterprises. Welspun Renewables, wholly-owned green energy arm of Welspun Enterprises, is selling equity stakes in its solar and wind power projects.
SoftBank, earlier keen to pick up stakes in the projects, has dropped out.
Welspun Renewables was raising capital through equity sales, said a person close to development. Persons in the know said domestic and foreign companies were in the fray to invest in Welspun Renewables' projects totalling 400 MW.
Mr Vineet Mittal, vice-chairman, Welspun Renewables, did not respond to phone calls and text messages. The company's spokesperson also did not respond.
Promoted by B D Goenka, the Welspun Group has interests in textiles, polychemicals, steel, cement and renewable energy.
Hero Future Energies, a comparatively new entrant with 250 Mw capacity, is keen to buy Welspun's projects but chief executive Sunil Jain declined to comment. Hero has a pipeline of around 1,000 Mw of wind power projects, in seven states.
Reliance Cleangen, renewable energy arm of the Anil Ambani-promoted Reliance Power, said that it had no such plans. Sumant Sinha, chief executive, ReNew Power Ventures, said he would "refrain" from commenting.
ReNew Power is backed by Goldman Sachs with an equity investment of close to USD 350 million and its current total equity is $655 million. The company has 1,600 Mw of clean energy assets across the country, out of which 1,000 Mw are wind energy projects.
Source : Business Standard