India Digest: EverSource Capital, Essel Group, Lanco in M&A news

Power grids. Photo: Fré Sonneveld/unsplash

Everstone-backed EverSource Capital has acquired Mumbai-based Origin Renewables Pvt Ltd while Adani Transmission and Tata Power are in initial discussions to buy under-construction Warora-Kurnool transmission line from Essel Group. Also, Adani Group and Vedanta are eyeing Lanco’s Amarkantak power plant.

EverSource buys Origin Renewables

EverSource Capital, a joint venture between Everstone Capital and Lightsource BP, has acquired Mumbai-based Origin Renewables Pvt Ltd to foray into the rooftop-focused commercial and industrial (C&I) business, per media reports.

Set up in 2015, Origin Renewables provides services for rooftop solar projects, ground-mounted solar farms, and hybrid wind-solar systems to corporate and commercial users.

Eversource Capital was formed in April 2018 to invest in green infrastructure. The UK Government and India’s National Investment and Infrastructure Fund (NIIF) have committed over £240 million as anchor capital.

Adani, Tata Power eye Essel Group asset

Adani Transmission and Tata Power are in initial discussions to buy under-construction Warora-Kurnool transmission line from the Subhash Chandra-led Essel Group.

According to a report in The Economic Times, Essel aims to lower debt with the sale of this asset. Essel Infraprojects already sold two transmission assets last year. The 765 kV project was supposed to facilitate the distribution of power to the southern region and was due for commissioning in November 2019.

Adani, Vedanta in race to buy Lanco plant

Adani Group and Vedanta are competing to acquire Lanco’s Amarkantak power plant located in the mine-rich Korba area of Chhattisgarh, The Economic Times reported.

The plant was admitted for insolvency proceedings by the National Company Law Tribunal (NCLT) in September last year after it reportedly defaulted on a Rs 960 crore loan. Both the interested parties are currently conducting due diligence on the power plant.

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.