Aavishkaar Venture Management has invested LKR 30 crore ($2 million or Rs 13.5 crore) in Sri Lanka-based MA’s Foods and Tata Power‘s 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.