March 20 (Renewables Now) - State-owned natural gas processor and distributor GAIL (India) Ltd (BOM:532155) is holding exclusive talks over a potential investment in ACME Solar Holdings Ltd, the Economic Times (ET) reports.
Four knowledgeable sources told the newspaper that GAIL is currently undertaking due diligence and is possible to make an offer for a stake of anywhere between 49% and 74% in ACME Solar.
An executive has told the paper that talks are at an early stage and that the proposal has not been taken up by GAIL’s board.
ACME Solar presently has almost 3 GW of installed solar capacity divided between plants in 12 Indian states. In addition, it has some 2.8 GW of solar projects.
The company could be valued at more than USD 1.6 billion (EUR 1.49bn), according to industry sources quoted by the ET.
(USD 1.0 = EUR 0.929)