Jindal Renewables and INOXGFL Compete for Vena Energy India Acquisition
Jindal Renewables, INOXGFL in race for GIP's Vena India
The Economic Times
Image: The Economic Times
Jindal Renewables, INOXGFL Group, and Sekura Energy are in discussions to acquire Vena Energy India, a renewable energy platform valued at approximately ₹4,500-5,000 crore (around $480-$535 million). The deal is being facilitated by BlackRock's Global Infrastructure Partners, which owns a 76% stake in Vena Energy India.
- 01Jindal Renewables, INOXGFL, and Sekura Energy are potential bidders for Vena Energy India.
- 02The acquisition is valued at ₹4,500-5,000 crore (approximately $480-$535 million).
- 03Binding bids for the acquisition are expected next month.
- 04Global investors like Actis and KKR evaluated Vena Energy but chose not to pursue advanced negotiations.
- 05Vena Energy India is part of a larger global renewable energy pipeline exceeding 39.2 GW.
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Jindal Renewables, owned by Naveen Jindal, alongside INOXGFL Group and Sekura Energy, is vying to acquire Vena Energy India, a renewable energy platform with a capacity of 1.1 GW. The deal, valued between ₹4,500-5,000 crore (approximately $480-$535 million), is being managed by BlackRock's Global Infrastructure Partners (GIP), which holds a 76% stake in Vena Energy India. The potential bidders are currently conducting due diligence, with binding bids anticipated by next month. Other global investors, including Actis, KKR, and Sembcorp, have assessed the company but opted out of further negotiations. Vena Energy India is a subsidiary of Singapore-based Vena Energy, which boasts a global renewable energy development pipeline exceeding 39.2 GW.
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The acquisition could enhance India's renewable energy capacity and attract further investments in the sector.
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