Hinduja Power acquires Kiran Energy Rs 9 billion-Rs 9.5 billion

The Hinduja Power Corporation has acquired Mumbai-based Kiran Energy Solar Power for an all-cash deal. The enterprise value of the deal has been pegged at Rs 9 billion-Rs 9.5 billion. The deal was facilitated by the Yes Securities Sustainable Investment Banking Team, the sole advisor to the transaction, and has led to acquisition of an operational portfolio of 85 MW by Hinduja Power. With this transaction, the three PE players (Argonaut Ventures, New Silk Route and Bessemer Venture Partners India) that collectively owned a stake of 80 per cent in Kiran Energy will exit the company.