July 26 (Renewables Now) - Indian industrial conglomerate Shapoorji Pallonji Group is exploring the opportunity to list its solar engineering, procurement and construction (EPC) business, Mint reports, quoting three people aware of the development.
The group has recently held meetings with investment banks to discuss the potential initial public offering (IPO) and is targeting a valuation of between UD 3.5 billion (EUR 2.99bn) and USD 4 billion, according to one of the people.
A second source has said that Shapoorji is also considering raising funds from the private market for the particular operations.
The business in question is housed under Sterling and Wilson Pvt Ltd and generates 80% of its revenue from overseas, Mint said. A year ago, the company won contracts to build and operate the 1,177-MWp Sweihan solar photovoltaic (PV) project in Abu Dhabi.
(USD 1.0 = EUR 0.854)