Deal Talk: Thai firm eyes Avaada, GIP plans InvIT for green energy assets

 Deal Talk: Thai firm eyes Avaada, GIP plans InvIT for green energy assets

Mumbai-based renewable energy company Avaada Energy Pvt. Ltd, which is looking for investors, has received interest from a bunch of suitors including Thai oil and gas company PTT Group, a media report said.

PTT Group is looking to buy a 22% stake in Avaada Energy, the Mint newspaper reported. The deal may be pegged at $220 million (Rs 1,595 crore), it added.

Avaada Energy is led by entrepreneur Vineet Mittal. It has an operational portfolio of 1.2GW and has an additional 4GW under implementation.

Vector Green’s InvIT

Vector Green Energy Pvt. Ltd is looking to raise $100 million by floating an infrastructure investment trust (InvIT), according to a Mint report.

Vector Green is a renewable energy platform comprising wind and solar energy assets. It is owned by US private equity firm Global Infrastructure Partners (GIP).

GIP has 800 megawatts (MW) in renewable energy assets under management. It had acquired a substantial part of these assets from Indian private equity firm IDFC Alternatives in 2018.

Dream11 funding talk

Some early-stage investors of Dream Sports Inc, which owns and operates online fantasy sports brand Dream11, are looking to sell their stakes in the company, according to a report by The Economic Times newspaper.

The deal may value the company around $4 billion (Rs 29,000 crore), the report said.

China’s Tencent Holdings, Indian VC firm Kalaari Capital and PE firm Multiples Alternate Asset Management have received interest from a handful of investors for a fresh round of funding that could be worth $300 million.

These potential investors include Abu Dhabi’s Alpha Wave Incubation, which is managed by Falcon Edge.

Some of the proceeds from the share sale could be invested back into the company, the report added.

The development follows a fundraising round six months ago when new investors such as Tiger Global Management, TPG Tech Adjacencies, ChrysCapital and Footpath Ventures injected $225 million into Dream11. The deal was largely a secondary share sale and valued the company around $2.5 billion.

Kotak fund

Kotak Special Solutions Fund, an alternative investment fund under the Kotak Mahindra Bank group, will invest about Rs 300 crore in Setu Nutrition Pvt. Ltd through structured credit, according to a report by VCCircle.

The Mumbai-based nutraceuticals company founded by Nihaal Mariwala will use the proceeds to buy out the company’s minority shareholders to fully own the company, the report added.

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