Japanese behemoth SoftBank is in talks with potential investors to sell a majority stake in its Indian renewable energy joint venture, while News Corp and its Australian group firm REA have infused $70 million (Rs 500 crore) in Elara Technologies.
SoftBank considers SBG Cleantech stake sale
SoftBank holds 70 per cent stake in the Indian renewable venture. Other partners include Bharti Enterprises and Foxconn Technology Group. This is part of SoftBank’s strategy to review its businesses globally and increase liquidity.
The investment giant has been holding discussions with sovereign funds from the Far East and the Gulf as well as Silicon Valley-based firms for the aforesaid deal. The group is looking at a partner that can provide equity commitments of $1.5 billion to $2 billion to execute and complete a pipeline of 7 gigawatts of renewable projects around the world, the report said.
News Corp, REA invest $70m in Elara
According to a report in PTI, the company will use the funding proceeds to expand its business in India. Singapore-based Elara Technologies also counts SoftBank, Accel, and SAIF Partners among its list of backers.
The capital infusion is in the form of a convertible note that covers the $35 million raised by Elara as debt from Citi Singapore in August last year, the report added. The latest round brings Elara’s total funding to $175 million to date.