KKR to acquire solar assets from India’s Shapoorji Pallonji for $204m

Solar panels being cleaned. Photo: Reuters

The Shapoorji Pallonji Group, which has been trying to monetise assets to deal with its bloated balance sheet, on Monday said it has signed an agreement to sell 317 megawatts (MW) of solar assets to private equity firm KKR.

The transaction is worth ₹1,554 crore.

The sale includes 169 MW of solar projects in Maharashtra and another 148 MW of projects in Tamil Nadu.

Shapoorji Group’s debt problems surfaced in November, soon after it took group company Sterling & Wilson Solar Ltd public. The Shapoorji Group raised ₹1,920.6 crore by selling a part of its stake in an initial public offering (IPO), promising investors that part of the proceeds would be used to clear the loans they had taken from Sterling & Wilson. But the promoters soon sought an extension for repaying the loans, blaming “significant and rapid deterioration in the credit markets”.

Mint reported last month that the group was in talks with lenders to raise up to $1 billion by pledging part of its stake in Tata Sons Pvt Ltd, the holding company of the Tata Group. Shapoorji holds 18.2% stake in Tata Sons.

Established in 1865, Shapoorji Pallonji Group is present in engineering and construction, infrastructure, real estate, water, energy and financial services, and has around 69,000 employees.

This article was first published on livemint.com

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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.