India Dealbook: Aavishkaar invests $2m in MA’s Foods, Tata Power to sell 50% in OTP Geothermal for $30m

Aavishkaar Venture Management has invested LKR 30 crore ($2 million or Rs 13.5 crore) in Sri Lanka-based MA’s Foods and Tata Powers subsidiary has signed an agreement for sale of its 50 per cent stake in OTP Geothermal Pte.

Aaishkaar invests $2m in Sri Lanka-based MA’s Foods

VC firm Aavishkaar Venture Management has invested LKR 30 crore ($2 million or Rs 13.5 crore) in Sri Lanka’s MA’s Foods. The company will use the money for its expansion plans.

MA’s Foods was launched in 1986 by Mario and Suzette De Alwis. The company offers organic and conventional gourmet meal solutions like spices, seasonings, curry pastes, sauces, ready-to-eat foods and coconut-based products. It markets its products under the brands MA’s Kitchen, Happy Home, Dad’s Garden and Pasta Roma.

Tata Power to divest 50% stake in OTP Geothermal for $30m

Singapore-based Tata Power International Pte Ltd, a wholly-owned subsidiary of Tata Power, has signed an agreement with KS Orka Renewables Pte Ltd to sell 50 per cent stake in OTP Geothermal Pte Ltd for $30 million.

OTP Geothermal is a 50:50 JV with Australia’s Origin Energy Ltd and holds 95 per cent interest in Indonesia’s PT Sorik Marapi Geothermal Power, which is developing a 240 MW Sorik Marapi Geothermal Power Project in North Sumatra.

Origin Energy also sold its 50 per cent stake in OTP Geothermal to KS Orka for $30 million as a part of debt reduction exercise and stepping up focus on core business, it said in a separate statement.

Tata Power, India’s largest integrated power company, together with its subsidiaries and jointly controlled entities has an installed gross generation capacity of 9,130 megawatt.

Also Read:

India: Ethnic e-commerce site Jaypore raises $5m in Aavishkaar-led round

India: Tata Power expands global play; focus on projects in SEA, Myanmar

India: Tata Power bundles all clean energy assets under separate company

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.