Kiran Energy's owners pursue outright sale - report
Solar panels in India. Author: Kiran Jonnalagadda. License: Creative Commons
The owners of Indian solar company Kiran Energy Solar Power Pvt Ltd are now looking to sell the entire business after failing to find a buyer for just a controlling interest, two sources told newspaper Mint.
Kiran Energy’s founder and managing director Ardeshir Contractor initially wanted to keep his 15% stake but after nearly two years of failed attempts by the majority owners to exit the company he has agreed to participate in an outright sale of the entire business, one of the sources has said.
Ardeshir Contractor founded Kiran Energy in 2010 and during the same year private equity funds Argonaut Ventures, New Silk Route and Bessemer Venture Partners invested in the Mumbai-based firm. At present, Kiran Energy owns 100 MW of solar power assets along with a stake in Mahindra Solar. The company is currently 80%-owned by private equity firms.
In June 2015, CNBC-TV18 reported that French utility Engie (EPA:ENGI) was holding advanced talks to buy an 80% interest in Kiran Energy. Mint’s second source has now confirmed that “a French energy major” was near a deal to acquire the controlling stake for an enterprise value of INR 12.5 billion (USD 184m/EUR 171m). That deal never materialised though, the person has added.