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Hinduja Group closing in on acquisition in solar energy space

MUMBAI, APRIL 17:  

The Hinduja Group is in the final stage of sealing a deal to acquire a solar power company.

In an exclusive interaction with BusinessLine, Ashok Hinduja, Chairman of Hinduja Group of companies in India, said the group is bullish of green power potential in India and has already identified an asset for acquisition.

“We are in the final stage of discussion and an announcement would be made in next few days,” he said without naming the company it is acquiring. However, sources in the know said the company may be eyeing US-based SunEdison Inc’s 450-MW solar plant in India. ReNew Power and Finland's Fortum Oyj are considered to be contenders for this asset. Many solar projects, which were commissioned a few years back with huge investments, are fighting for their survival as the cost of setting up a solar plant has come down substantially leading to sharp fall solar power tariff.

Last November, the reverse auction conducted by the Centre saw aggressive biding by global giants to secure a foothold in the country. Many overseas companies, including US-based SunEdison Inc, Japan’s SoftBank Group, Canada’s SkyPower Global and Finnish state-run utility Fortum Oyj, have placed bid below ₹5 a unit to tap into the high-growth potential renewable energy market in India.

India is targeting to set up 100 gigawatts of solar power with an in