Latest news with #Orix
Economic Times
15-05-2025
- Business
- Economic Times
Greenko founders trim Orix stake buy plan, to raise $610 million
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Mumbai: Greenko Group founders, Anil Chalamalasetty and Mahesh Koll, are scaling down their planned acquisition of a stake held by Japan's Orix Corporation , opting to raise $610 million to buy 17.3% of the renewable energy firm's holding company, people familiar with the matter they had aimed to raise $800 million for the full 20% stake held by the Tokyo deal has been restructured to reduce leverage in the tightening credit markets scenario and is expected to be finalised later this week, the people said, requesting financing could be raised at a cost of around 14% and is being syndicated by Deutsche Bank and Barclays. Investors in the two-year facility could be large funds, including Clifford Capital, BlackRock and other private credit funds."Greenko promoters have sent a revised deal to Orix and it should close in the next two weeks," said a source. "The promoters decided to scale down the fundraise as the cost of borrowing has gone up from 12% to 14% between March and May due to global uncertainties."An Orix spokesperson said as stated on April 25, it has decided to cancel the planned sale of its stake in Greenko to AM Green. "At this time, we are unable to provide any further information beyond what has already been disclosed," said an Orix of Greenko did not respond while Barclays and Deutsche Bank did not respond to requests for revised plan follows the collapse of an earlier share transfer agreement announced on April 25, between Orix and AM Green Power BV, a Greenko founder-owned entity, after the deal failed to meet financing-related conditions precedent. Although the competition regulator cleared the transaction on March 11, funding agreements with lenders could not be finalised by the extended April 15 deadline, forcing Orix to terminate the a statement dated April 25, Orix confirmed it had scrapped the deal originally announced in January, citing failure to meet key January, Orix had announced plans to reinvest through a convertible note issued by AM Green Luxembourg, the parent of AM Green Power. That investment, too, is on founders had initially engaged with private credit funds, including Temasekbacked Clifford Capital and BlackRock to raise $800 million for the full 20% stake. While that plan did not materialise, several of the same investors are expected to join the latest round. Japan's Orix had invested in Greenko in 2021 but now wants to sell its stake and reinvest in a new green energy venture called AM Green (AMG), created by Greenko's focuses on future energy like green hydrogen and ammonia, with big plans for clean fuel exports. This deal helps Orix shift focus to next-gen energy while Greenko's founders buy back the stake with help from investors. This move fits Orix's global plan to grow in clean energy and support the shift to decarbonisation
Time of India
15-05-2025
- Business
- Time of India
Greenko founders trim Orix stake buy plan, to raise $610 million
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Mumbai: Greenko Group founders, Anil Chalamalasetty and Mahesh Koll, are scaling down their planned acquisition of a stake held by Japan's Orix Corporation , opting to raise $610 million to buy 17.3% of the renewable energy firm's holding company, people familiar with the matter they had aimed to raise $800 million for the full 20% stake held by the Tokyo deal has been restructured to reduce leverage in the tightening credit markets scenario and is expected to be finalised later this week, the people said, requesting financing could be raised at a cost of around 14% and is being syndicated by Deutsche Bank and Barclays. Investors in the two-year facility could be large funds, including Clifford Capital, BlackRock and other private credit funds."Greenko promoters have sent a revised deal to Orix and it should close in the next two weeks," said a source. "The promoters decided to scale down the fundraise as the cost of borrowing has gone up from 12% to 14% between March and May due to global uncertainties."An Orix spokesperson said as stated on April 25, it has decided to cancel the planned sale of its stake in Greenko to AM Green. "At this time, we are unable to provide any further information beyond what has already been disclosed," said an Orix of Greenko did not respond while Barclays and Deutsche Bank did not respond to requests for revised plan follows the collapse of an earlier share transfer agreement announced on April 25, between Orix and AM Green Power BV, a Greenko founder-owned entity, after the deal failed to meet financing-related conditions precedent. Although the competition regulator cleared the transaction on March 11, funding agreements with lenders could not be finalised by the extended April 15 deadline, forcing Orix to terminate the a statement dated April 25, Orix confirmed it had scrapped the deal originally announced in January, citing failure to meet key January, Orix had announced plans to reinvest through a convertible note issued by AM Green Luxembourg, the parent of AM Green Power. That investment, too, is on founders had initially engaged with private credit funds, including Temasekbacked Clifford Capital and BlackRock to raise $800 million for the full 20% stake. While that plan did not materialise, several of the same investors are expected to join the latest round. Japan's Orix had invested in Greenko in 2021 but now wants to sell its stake and reinvest in a new green energy venture called AM Green (AMG), created by Greenko's focuses on future energy like green hydrogen and ammonia, with big plans for clean fuel exports. This deal helps Orix shift focus to next-gen energy while Greenko's founders buy back the stake with help from investors. This move fits Orix's global plan to grow in clean energy and support the shift to decarbonisation
Nikkei Asia
07-05-2025
- Business
- Nikkei Asia
Japan finance group Orix looks for growth beyond M&A: president
TOKYO -- Japanese financial services group Orix seeks to develop its own businesses to ensure sustainable growth rather than relying on the aggressive acquisitions that have powered its expansion, President Hidetake Takahashi told Nikkei. "We don't aim to be a company that does nothing but invest," said Takahashi, who recently became Orix's first new president in 14 years. "We have to put in the effort to build businesses from the ground up."
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Business Standard
07-05-2025
- Automotive
- Business Standard
Delhi HC bars Gensol & BluSmart from transferring or selling over 220 EVs
Delhi HC bars BluSmart and Gensol from creating third-party rights over 220 EVs leased by SMAS Auto and Shefasteq, taking total restricted vehicles to 490 Bhavini Mishra Delhi The Delhi High Court on Wednesday barred Gensol Engineering and its electric ride-hailing subsidiary BluSmart Mobility from transferring or selling over 220 electric vehicles (EVs) leased from SMAS Auto Leasing India Pvt Ltd and Shefasteq OPC Pvt Ltd. Till now, the court has restricted Gensol and Blusmart from transferring or selling over 490 EVs by creating third party rights. SMAS Auto had leased 164 EVs to Gensol and 46 to Blusmart. Shefasteq had leased 10. The lessors claimed both companies had failed to pay rental payments and fleet management charges. Justice Jyoti Singh has appointed court receivers to look after the vehicles. The lessors filed the petitions under Section 9 of the Arbitration and Conciliation Act, which empowers the court to grant interim reliefs to parties in arbitration proceedings before, during, or even after the arbitral award is made, but before its enforcement. When the lessors asked for the repossession of vehicles, the court denied permission saying such a relief does not exist under Section 9. Gensol and BluSmart have been asked to file a status report in two days on the whereabouts of the leased EVs. They were also asked to file a report on their assets and liabilities before the court. Electric ride-hailing firm BluSmart is a subsidiary firm of beleaguered firm Gensol Engineering. On April 25, the Delhi High Court had restrained Gensol and BluSmart from creating third-party rights on the 175 EVs leased to them by Japanese financial services group Orix. Orix had also entered into lease agreements with Gensol and BluSmart as part of a green mobility initiative. Under the agreement, 175 EVs were leased to support BluSmart's ride-hailing operations in India. The co-founder of Gensol and BluSmart Anmol Singh Jaggi had served as a guarantor for the lease obligations. Orix moved the court alleging breaches in the agreement, which included default in lease payment amounting to ₹4 crore. It has sought to prevent Gensol and BluSmart from disposing of leased vehicles. Orix also informed the court of its intention to start arbitration proceedings as per the dispute resolution clause in the agreements. Similarly, on April 29, the HC barred Gensol and BluSmart from selling, transferring, or creating third-party rights for 95 EVs leased to them by finance firm Clime Finance. Clime raised concerns after BluSmart stopped its operations and said their contracts allowed them to repossess the vehicles in case of a default. The company claimed 'absolute and paramount rights' over the EVs, saying the leases stood terminated.
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Business Standard
29-04-2025
- Automotive
- Business Standard
Delhi HC orders status quo on 95 more EVs leased to Gensol, BluSmart
The Delhi High Court on Tuesday ordered a status quo on 95 more electric vehicles (EVs) leased to beleaguered firms Gensol Engineering and BluSmart Mobility, and appointed a receiver to take the custody of the EVs, barring the companies from selling, transferring or creating third-party rights for the vehicles. The vehicles were leased by finance firm Clime Finance Private Limited. The court-appointed receiver would be responsible for upkeep of the vehicles, which includes battery maintenance. In the order, a single-judge bench of Justice Jyoti Singh said that Gensol and BluSmart will not interfere with the receiver's job of upkeep of the vehicles. Ride-hailing firm BluSmart is a subsidiary of Gensol Engineering. 'In case of any obstruction, it will be open to the receiver to take police assistance from the local police station, which shall render full cooperation,' the court said. Clime Finance moved the High Court under Section 9 of the Arbitration and Conciliation Act, saying it had leased 95 Tata electric vehicles (EVs) to Gensol and BluSmart in 2022 for cab and ride-share services for three years. It said that both the companies had not paid lease payments in March 2025. Section 9 empowers the court to grant interim reliefs to parties in arbitration proceedings before, during, or even after the arbitral award is made, but before its enforcement. Clime raised concerns after BluSmart stopped its operations and said their contracts allowed them to repossess the vehicles in case of a default. The company claimed 'absolute and paramount rights' over the EVs, saying the leases stood terminated. 'These leases have been terminated, and Securities and Exchange Board of India (Sebi) has also initiated an inquiry against the respondent, Mr. Puneet Jaggi. I am requesting that, until the matter is resolved, they be restricted from alienating or dealing with the vehicles,' Clime's lawyer told the court. 'These are electric vehicles, and if their batteries are not maintained, they will get drained, causing irreversible damage... I'm not requesting possession at this stage, but at least the receiver should take adequate steps to preserve the cars,' he added. The next date of hearing has been scheduled for July 24. This is the second Gensol and BluSmart EV lessor to have approached the court in less than a month since the ride-hailing firm suspended its pan-India operations. The Delhi High Court had on April 25 restrained Gensol and BluSmart from creating third-party rights on the 175 EVs leased to them by Japanese financial services group Orix. Orix had also entered into lease agreements with the two companies as part of a green mobility initiative. Under the agreement, 175 EVs were leased to support BluSmart's ride-hailing operations in India. In this, cofounder of Gensol and BluSmart Anmol Singh Jaggi served as a guarantor for the lease obligations. Orix moved the court alleging breaches in the agreement, which includes default in lease payment amounting to ~4 crore. It has sought to prevent Gensol and BluSmart from disposing of leased vehicles. Orix also informed the court of its intention to start arbitration proceedings as per the dispute resolution clause in the agreements. BluSmart on April 16 had paused cab bookings in certain parts of Delhi-NCR, Bengaluru, and Mumbai, the three cities where it operates. The rides were halted a day after Sebi barred the promoters and directors of Gensol Engineering — Anmol Singh Jaggi and Puneet Singh Jaggi — from accessing the securities markets allegedly for fraudulent practices and funds. The market regulator also restricted the duo from holding any key positions at any listed firm.
