MUMBAI: Global private equity fund Warburg Pincus has invested Rs 700 crore in CleanMax Solar, a rooftop solar developer for the corporate sector. The fund will have a significant minority stake in the company, a senior company official said. The company serves corporate clients such as the Tata group, Mahindra group, TVS group, Carlsberg India, Konecranes India, Carl Zeiss India, Manipal Education and Medical Group, SKF India, Mindtree and Alkem Laboratories. The company that was funded by a group of high networth individuals in 2015 has cornered around 24% market share in the country's rooftop solar market.The HNI investors invested about Rs 17 crore for a 6% stake in 2015, valuing it at about Rs 283 crore. "Warburg Pincus' investment will enable us to pursue additional growth opportunities beyond India."

Source: Economic Times July 12, 2017 19:30 UTC