He said that Torrent Power has submitted a non-binding offer (NBO) for ReNew's wind and solar assets of 350 MW and 750 MW, respectively, for an equity value of around $450 million and that discussions are continuing.
New Delhi: Ahmedabad-based Torrent power is in talks with Gurgaon-based ReNew Energy Global Plc to buy the company's clean energy projects at an enterprise value of around $1.2 billion, Mint reported citing two people aware of the development.
He said that Torrent Power has submitted a non-binding offer (NBO) for ReNew's wind and solar assets of 350 MW and 750 MW, respectively, for an equity value of around $450 million and that discussions are continuing.
Torrent Power is one of India's leading brands in the Indian power sector, with a presence in the generation, transmission, distribution, manufacturing and power supply of power cables.
ReNew Power is the largest renewable energy company in India by operating capacity and has an asset base of over 10 GW, with around 5 GW in operation. Recently announcing the results for the second quarter of fiscal 23, ReNew Chairman and CEO Sumant Sinha said that the company expanded its investments in capacity, technology and analytics capabilities through the acquisition of the shares of 3E, a company leader in SaaS solutions in renewable energy and a new partnership. with Norfund and KLP.
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