Global PE firms, domestic giants circle Statkraft's India assets
Serentica, which is backed by PE firm KKR, has also bid for Statkraft's wind assets in India.
Statkraft's solar assets in the country are likely to be valued at ₹1,700-1,800 crore and the hydro assets at ₹1,400-1,500 crore, according to the people familiar with the developments.
'The binding bids have been submitted and the seller will proceed with one of the buyers for each category of assets," one of them said.
EY Norway is advising Statkraft on the sale.
Statkraft India has a total renewable energy portfolio of around 1 GW, including solar energy and hydropower assets. These include a 76 MW operational solar power plant and an additional 75 MW solar power capacity being developed in Tamil Nadu. A 445 MW solar power project in Rajasthan is nearing completion.
Statkraft's hydropower assets in the country include a 49% stake in two operating hydropower assets in Himachal Pradesh at Allain Duhangan (192 MW) and Malana (86 MW). Another hydropower plant of 150 MW capacity is under construction in the state at Tidong.
The fact that the hydropower assets are joint ventures with LNJ Bhilwara group complicates the deal for potential suitors.
A spokesperson for Blackstone declined comment. In an emailed response, a spokesperson for Serentica said, 'We explore opportunities for acquisitions and partnerships on an ongoing basis. We were among the selected bidders for the Statkraft portfolio in April, post which we conducted our diligence. We have submitted our binding offers for Statkraft's wind and solar portfolio".
Statkraft, EY, Adani Group, and JSW Group did not reply to emailed queries.
Statkraft's India journey
The Norwegian group's decision to sell its India assets comes after a steady slide in overall revenue for the group and mounting debt. Statkraft plans to instead focus on other high-potential markets in the Nordics, Europe, and South America to meet its growth targets.
Statkraft is the largest renewable energy producer in Europe with an installed capacity of 19.4 GW, of which 12.1 GW is hydropower capacity in Norway.
The Norwegian state-owned firm entered the Indian power market through its subsidiary SN Power in 2004, when it acquired 49% of the shares in Malana Power Co. Ltd. Statkraft was the first foreign investor in India's hydropower sector.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
30 minutes ago
- Time of India
Visa Chaos, Harvard Shock & Canada Cap: What's Next for Indian Students Abroad?
Visa clampdowns, fake documents, and even Harvard's shock move—global education is shifting fast. Where does that leave Indian students? From CBSE vs IB competitiveness to whether Canada is still worth it, and if Asia is the new frontier, Namita Mehta, President and Partner, The Red Pen, breaks it all down. We dive into ROI across US, UK, Europe, and Canada, the misinformation crisis in visas, and the real opportunities in Ireland, Netherlands, and beyond. This is your essential guide to navigating the new study abroad landscape.
Hindustan Times
30 minutes ago
- Hindustan Times
Donald Trump imposed ‘sanctions on India' to end war in Ukraine, says White House
White House press secretary Karoline Leavitt said that US President Donald Trump took several actions, including the secondary tariffs on India, to bring the war in Ukraine to an end. White House Press Secretary Karoline Leavitt asserted that Donald Trump wants to move forward and bring the war in Ukraine to an end as quickly as possible.(AFP) This reiteration comes as a top US official said that India made "huge" profits on the sale of Russian oil during and after the war in Ukraine, and Trump said that his sanctions on New Delhi probably played a role in Russian President Vladimir Putin meeting him. Addressing a press briefing, Leavitt said, "The President has put tremendous public pressure to bring this war to a close. He has taken actions as you seen sanctions on India and other actions as well. He has made himself very clear that he wants to see this war and he has rejected the ideas of others that have been raised that we should wait another month before any meetings takes place." She asserted that Donald Trump wants to move forward and bring the war in Ukraine to an end as quickly as possible. Earlier on Tuesday, Trump met Ukrainian President Volodymyr Zelensky at the White House, with the former signalling his openness to a trilateral meeting with Putin to negotiate an end to the war in Ukraine. Trump said that he had a very successful day, while Zelensky noted that this was the "best conversation" he had with the US President so far. Scott Bessent on India tariffs US treasury secretary Scott Bessent, while speaking to CNBC, argued why China has not yet seen any penalties for buying Russian oil, while the case for India has been otherwise. He said that the treatment is different because India has been "profiteering" and "making billions" from its reselling of the oil. Bessent said India had "less than 1 per cent" of its oil from Russia "and now its up to 42 per cent". He added, "India is just profiteering, they are reselling... They made 16 billion in excess profits, some of the richest families in India." "This is a completely different thing. Indian arbitrage, which is buying cheap oil and reselling it, has just sprung up during the [Ukraine] war. This is just unacceptable," Bessent added. Top US advisor criticises India over Russian oil trade Meanwhile, White House trade advisor Peter Navarro criticised India for purchasing Russian energy and defence equipment, pledging to "hit India where it hurts" to get New Delhi to change its policy. He termed India's oil trade with Russia 'opportunistic' and 'corrosive' to global efforts being made to end the war in Ukraine and isolate the Russian economy. 'As Russia continues to hammer Ukraine, helped by India's financial support, American (and European) taxpayers are then forced to spend tens of billions more to help Ukraine's defence. Meanwhile, India keeps slamming the door on American exports through high tariffs and trade barriers. More than 300,000 soldiers and civilians have been killed, while Nato's eastern flank grows more exposed and the west foots the bill for India's oil laundering,' Navarro wrote in an opinion piece for the Financial Times. Before his meeting with Putin in Alaska last week, Trump had told a Fox News Radio show that his 'penalty' on India prompted the Russian President to meet him, saying that "everything has an impact". The US President said that when he told India about the doubled tariffs, it "essentially took them out of buying oil from Russia". He noted that India is the second largest purchaser of Russian oil and said it was getting pretty close to China, the largest buyer of oil from Russia. Before Trump doubled India's tariff to 50 per cent by imposing an additional 25 per cent levy on the previously announced 25 per cent, he said that India was "fueling the war machine" by buying oil from Russia.
India.com
30 minutes ago
- India.com
Why India Can't Accept China's ‘Zero-Tariff' Offer Despite Its Market Appeal
New Delhi: After U.S. President Donald Trump signalled the possibility of higher tariffs on Indian exports, China renewed its pitch to bring India into a zero-tariff Asian trade market. Extending access to a massive consumer base, the offer has been positioned as a strategic opportunity. Analysts say the proposal, however, could pose a far more significant challenge for India than Trump's tariff threats. India's market is enormous. A population of 1.4 billion, coupled with a growing middle class and strong purchasing power, makes it one of the most attractive markets in the world. Global powers cannot achieve maximum economic leverage in the region without India's participation. In response to the rising pressure from Washington, China has once again invited India to join the Regional Comprehensive Economic Partnership (RCEP). Beijing has been lobbying for New Delhi's inclusion in the RCEP since 2019, offering zero tariffs as a key incentive. Still, India has repeatedly declined. It is wary of Beijing's ambitions and the potential risks to its domestic industries. Understanding RCEP The RCEP is a free-trade agreement encompassing 15 countries: 10 ASEAN members and five of their Free Trade Agreement (FTA) partners – China, Japan, South Korea, Australia and New Zealand. The RCEP is the world's largest trade bloc, representing nearly 30 percent of global GDP and covering roughly three billion people. The agreement aims to simplify trade rules, reduce barriers and integrate the markets of its member nations. Signed in November 2020, the RCEP came into effect on January 1, 2022. Its primary goals include lowering or eliminating tariffs, easing non-tariff restrictions and facilitating cross-border investment and commerce. China's Perspective China's state-run Global Times highlighted India's growing vulnerability due to its heavy reliance on the U.S. market, especially in light of Trump's proposed 50 percent tariff increases. The newspaper argued that diversifying toward Asian markets could not only mitigate risks but also provide India with strategic flexibility and greater market opportunities. According to the daily, India must actively explore alternative markets. Asia's expansive economies and untapped potential could provide India with a more stable path for growth. The paper suggested that joining the RCEP would represent a critical step toward restructuring India's trade orientation within the region. The publication also emphasised 'long-term benefits'. Over next 10 to 15 years, it says, RCEP's zero-tariff framework could apply to 90 percent of goods. For India, the daily says, this could act as a protective buffer against the volatility of U.S. trade policies, while opening access to a dynamic and growing market. India's Concerns India has consistently expressed reservations about the RCEP. The government believes the agreement does not adequately reflect India's interests and could have unbalanced outcomes. A primary concern is the potential impact on domestic industries. Cheap imports from China and other Asian nations could flood the Indian market, undermining local manufacturing and making it difficult for Indian products to compete. China's production efficiency exacerbates this risk. India had proposed mechanisms to limit imports of certain goods exceeding set thresholds, but negotiations failed to yield consensus. India also faces a significant trade deficit with China, which reached $99.2 billion in the 2024-25 fiscal year. Joining the RCEP without safeguards could worsen this imbalance. For China, India's inclusion is both an economic and geopolitical priority, supporting regional dominance and the Belt and Road Initiative. India continues to prioritise national interests, self-reliance and strategic autonomy. The government aims to maintain control over supply chains and assert a strong position in any scenario that may challenge its trade or geopolitical stance vis-à-vis China.
