Mumbai : Essel Infraprojects, a part of Subhash Chandra-led Essel group, is in advanced stages of selling its 685-MW solar business to Greenko group, sources close to the development said. The deal size could be to the tune of $1 billion, they added. Global private equity fund Actis and Tata Power were also in the fray along with Greenko to buy the assets of Essel. However, their deals did not go through.
When contacted, an Essel spokesperson said, “As an infrastructure conglomerate, we keep on evaluating various opportunities. However, we would not like to comment on market speculation.” Greenko also declined to comment on the deal.
Essel has a total portfolio of 23 projects, under various stages of development, with nearly 310 MW of operational solar power facilities, which it had bid for under the National Solar Mission and state government auctions, and another 375 MW capacity under construction.
