Mumbai-based Kiran Energy Solar Power has been acquired by Hinduja Power Corporation, part of the Hinduja Group, for an enterprise value of around Rs 900-950 crore, a source close to the development revealed.It is an all-cash deal in which Hinduja Power will buy 100% shares of Kiran Energy. The three firms owned around 80% of Kiran Energy, but had been looking to exit for some time.In December 2016, the Hindujas had acquired the entire 22.3 MW solar portfolio of French renewable energy developer Fonroche Energie SAS, which had decided to exit India. Kiran Energy is its second acquisition, though it also has some group captive solar plants. Hinduja has announced plans to set up 1000 MW of solar projects in India.Contractor confirmed the acquisition in an email through Yes Securities, but without mentioning the size of the deal. The Hinduja Group did not comment.

Source: Economic Times May 15, 2018 07:37 UTC