Hinduja National Power looks to acquire Kiran Energy assets

MUMBAI: Hinduja National Power Corp Ltd, part of the diversified Hinduja Group, is the latest company to express interest in acquiring the assets of Kiran Energy Solar Power Pvt Ltd, according to two people aware of the development. Hinduja National Power has initiated discussions to acquire ownership of Kiran Energy, from private equity funds, the people said on condition of anonymity.

PE funds Argonaut Ventures, New Silk Route (NSR) and Bessemer Venture Partners (BVP) India own nearly 80% of the Mumbai-based company while founder Ardeshir Contractor and Alan Rosling, a former Tata Sons executive director, and a few others own the rest.

The deal size could be $100-150 million (₹640-1,000 crore), said one of the two people cited above.

“There are interests from many parties and the discussions are on with them. We can’t disclose any further details at this point of time,” said Contractor. Mails and calls made to Ashok Puri, CEO of Hinduja Power, did not elicit any response. Mails sent to BVP India, Argonaut Ventures remained unanswered while an NSR spokesperson declined to comment.

Kiran Energy has built a portfolio of 83 MW including a 60-MW plant in Rajasthan. Kiran Energy also owns a 74% stake in a joint venture—Mahindra Solar One, where the rest is held by the Mahindras. The JV has a pipeline of 50 MW of solar projects.