Latest news with #SumantSinha
Time of India
18-07-2025
- Business
- Time of India
IFC-led investor group in talks to pick up 30% stake in ReNew's C&I unit
An investor group led by the International Finance Corporation (IFC) is looking to buy a 30 per cent stake in ReNew Power 's commercial and industrial (C&I) power generation unit, according to people briefed on the matter. IFC, an arm of the World Bank Group, could plough about $250 million into the unit along with a co-investor, they said. The proposed investment could peg the equity value of the unit, which supplies renewable power to customers such as Amazon and Microsoft, at $800 million, they added. Several commercial users are turning to renewable energy suppliers to lower their fuel bills and meet decarbonisation goals. The proposed investment aligns with IFC's priorities of backing businesses with positive social or environmental impact. However, the deal could face delays as ReNew's management prioritises delisting the company's parent ReNew Energy Global Plc from Nasdaq, according to multiple sources. Till then all other strategic transactions are on hold, they said. ReNew founder Sumant Sinha along with Masdar, Canada Pension Plan Investment Board and Platinum Hawk have announced an offer to take the US-listed parent private. Company has mobilised $680 million over 3 years IFC and ReNew Power did not respond to ET's queries on the matter. Gurugram-based ReNew's C&I unit has set up 2 gigawatts (GW) of electricity generation capacity for commercial users. The contracts are structured in a way that typically requires the user to make an investment in a captive power unit that generates electricity exclusively for the entity. As of March 31, the company's overall portfolio consisted of 17.3 GW of wind and solar power projects. This compares with 13.5 GW as of March 31, 2024. The C&I portfolio is a sub-component of its total power generation capacity . The company has mobilised capital worth $680 million through the sale of assets, divestment of minority stakes and forming joint ventures over the last 36 months. Some of its recent deals include the sale of a 51 per cent stake in Karnataka-based Koppal Narendra Transmission Ltd together with a 300 MW solar project in Rajasthan to KKR-sponsored IndiGrid for ₹2,100 crore. It also sold a portfolio of rooftop solar projects of 138 MW capacity to TPG Capital-backed Fourth Partner Energy for ₹672 crore. "Going forward, the group is expected to mobilise capital through complete asset sale and selling minority stake to strategic partners in various assets and some of the other key projects like module manufacturing, C&I sub-holdco among others," said a recent CARE Ratings report. ReNew posted a total income of ₹10,907 crore ($ 1.27 billion) in FY25. The company website says it's among the top seven renewable power producers globally. It posted a net profit of ₹459 crore in FY25.
Time of India
17-07-2025
- Business
- Time of India
IFC may plug $250M into ReNew's C&I arm, valuing it at $800 million
New Delhi | Mumbai: An investor group led by the International Finance Corporation (IFC) is looking to buy a 30% stake in ReNew Power 's commercial and industrial (C&I) power generation unit, according to people briefed on the matter. IFC, an arm of the World Bank Group, could plough about $250 million into the unit along with a co-investor, they said. The proposed investment could peg the equity value of the unit, which supplies renewable power to customers such as Amazon and Microsoft, at $800 million, they added. Explore courses from Top Institutes in Select a Course Category Product Management Operations Management Technology Design Thinking Leadership MCA healthcare Management Project Management CXO PGDM others Finance Data Analytics Public Policy MBA Others Data Science Cybersecurity Digital Marketing Healthcare Data Science Artificial Intelligence Degree Skills you'll gain: Creating Effective Product Roadmap User Research & Translating it to Product Design Key Metrics via Product Analytics Hand-On Projects Using Cutting Edge Tools Duration: 12 Weeks Indian School of Business ISB Product Management Starts on May 14, 2024 Get Details Skills you'll gain: Product Strategy & Competitive Advantage Tactics Product Development Processes & Market Orientations Product Analytics & Data-Driven Decision Making Agile Development, Design Thinking, & Product Leadership Duration: 40 Weeks IIM Kozhikode Professional Certificate in Product Management Starts on Jun 26, 2024 Get Details Skills you'll gain: Product Strategy & Roadmapping User-Centric Product Design Agile Product Development Market Analysis & Product Launch Duration: 24 Weeks Indian School of Business Professional Certificate in Product Management Starts on Jun 26, 2024 Get Details Several commercial users are turning to renewable energy suppliers to lower their fuel bills and meet decarbonisation goals. The proposed investment aligns with IFC's priorities of backing businesses with positive social or environmental impact. However, the deal could face delays as ReNew's management prioritises delisting the company's parent ReNew Energy Global Plc from Nasdaq, according to multiple sources. Till then all other strategic transactions are on hold, they said. ReNew founder Sumant Sinha along with Masdar , Canada Pension Plan Investment Board and Platinum Hawk have announced an offer to take the US-listed parent private. $680 Million raised over last 36 months ReNew's founder Sumant Sinha along with Masdar, Canada Pension Plan Investment Board and Platinum Hawk have announced an offer to take the US-listed parent private and buy out all public shareholders. IFC and ReNew Power did not respond to ET's queries on the matter. Gurugram-based ReNew's C&I unit has set up 2 gigawatts (GW) of electricity generation capacity for commercial users. The contracts are structured in a way that typically requires the user to make an investment in a captive power unit that generates electricity exclusively for the entity. As of March 31, the company's overall portfolio consisted of 17.3 GW of wind and solar power projects. This compares with 13.5 GW as of March 31, 2024. The C&I portfolio is a sub-component of its total power generation capacity . The company has mobilised capital worth $680 million through the sale of assets, divestment of minority stakes and forming joint ventures over the last 36 months. Some of its recent deals include the sale of a 51% stake in Karnataka-based Koppal Narendra Transmission Ltd together with a 300 MW solar project in Rajasthan to KKR-sponsored IndiGrid for Rs 2,100 crore. It also sold a portfolio of rooftop solar projects of 138 MW capacity to TPG Capital-backed Fourth Partner Energy for Rs 672 crore. 'Going forward, the group is expected to mobilise capital through complete asset sale and selling minority stake to strategic partners in various assets and some of the other key projects like module manufacturing, C&I sub-holdco among others,' said a recent CARE Ratings report. ReNew posted a total income of Rs 10,907 crore ($ 1.27 billion) in FY25. The company website says it's among the top seven renewable power producers globally. It posted a net profit of Rs 459 crore in FY25.
Bloomberg
14-07-2025
- Business
- Bloomberg
China Rides Out Tariff Rollercoaster, EU Retaliation Pause, Bitcoin Pops
China ended the first half of the year with a record trade surplus of about $586 billion after exports to the US began to stabilize, with factories riding out the tariff rollercoaster that upended global commerce. Exports rose 5.8% in June from a year earlier to $325 billion, exceeding the median estimate in a Bloomberg survey of analysts. Meanwhile, the EU is preparing to step up its engagement with other countries hit by Donald Trump's tariffs following a slew of new threats to the bloc and other US trading partners, according to people familiar with the matter. The contacts with nations including Canada and Japan could include the potential for coordination, said the people, who spoke on condition of anonymity to discuss private deliberations. Today's guests: Modupe Adegbembo, Jefferies Economist, Javier Martínez-Acha Vásque, Panamanian Foreign Minister, Sumant Sinha, ReNew Chairman & CEO (Source: Bloomberg)
Time of India
05-07-2025
- Business
- Time of India
ReNew shareholders raise offer for $880 million delisting
A consortium of key shareholders of ReNew Energy Global has raised the offer price to $8 per share from $7.07 last December for buying out other shareholders in a $880 million bid to delist the company. ReNew on Friday said it has received "a final non-binding offer" from the consortium of Abu Dhabi Future Energy Company PJSC-Masdar, Canada Pension Plan Investment Board , Platinum Hawk, and ReNew founder and chairman Sumant Sinha , to acquire the entire issued and to-be-issued share capital of the company currently not held by them. At $8 per share, the consortium will have to pay $880 million to other shareholders who together own 27.5% stake in ReNew. The revised offer lifted shares of ReNew, which closed 11% higher at $7.67 apiece on Thursday on the Nasdaq . If the consortium succeeds in buying out all other shareholders, it will be able to delist ReNew shares from Nasdaq where it has underperformed since its listing in 2021. Live Events Policy support to the renewable energy sector has waned in recent months in the US after the return of President Donald Trump's administration. Renewable energy producers however enjoyed a decent run in India's private and public markets. A special committee of independent directors was formed in December to consider the consortium's proposal. The panel is in the process of evaluating the final non-binding offer, the company said. So far, no shares have been tendered by other shareholders to the consortium. The consortium engaged with the panel for months and undertook due diligence before deciding to revise its offer price. "Our due diligence investigation has allowed us to assess the performance of the company and its outlook and refine our view on valuation," the consortium wrote in an email to the committee on July 2, a copy of which has been filed with the US market regulator.
Time of India
05-07-2025
- Business
- Time of India
ReNew Energy Global consortium raises buyout offer to $8 per share in $880 million bid
A consortium of key shareholders of ReNew Energy Global has raised the offer price to $8 per share from $7.07 last December for buying out other shareholders in a $880 million bid to delist the company. ReNew on Friday said it has received "a final non-binding offer" from the consortium of Abu Dhabi Future Energy Company PJSC-Masdar, Canada Pension Plan Investment Board , Platinum Hawk, and ReNew founder and chairman Sumant Sinha, to acquire the entire issued and to-be-issued share capital of the company currently not held by them. At $8 per share, the consortium will have to pay $880 million to other shareholders who together own 27.5 per cent stake in ReNew. The revised offer lifted shares of ReNew, which closed 11% higher at $7.67 apiece on Thursday on the Nasdaq . If the consortium succeeds in buying out all other shareholders, it will be able to delist ReNew shares from Nasdaq where it has underperformed since its listing in 2021. Policy support to the renewable energy sector has waned in recent months in the US after the return of President Donald Trump's administration. Renewable energy producers however enjoyed a decent run in India's private and public markets. A special committee of independent directors was formed in December to consider the consortium's proposal. The panel is in the process of evaluating the final non-binding offer, the company said. So far, no shares have been tendered by other shareholders to the consortium. The consortium engaged with the panel for months and undertook due diligence before deciding to revise its offer price. "Our due diligence investigation has allowed us to assess the performance of the company and its outlook and refine our view on valuation," the consortium wrote in an email to the committee on July 2, a copy of which has been filed with the US market regulator.
