Bharat Light and Power (BLP), has reportedly raised Rs 200 crore from private equity and venture capital funds, to buy out real estate firm DLF’s wind energy assets. The unlisted renewable energy firm has raised the money through a combination of mezzanine debt and sale of stake to UTI Capital, VenturEast and Draper Fisher Jurvetson. While UTI Capital acquired 16.98% stake in Bharat Light and Power for Rs 50 crore, existing venture capital investors VenturEast and Draper Fisher Jurvetson made an additional investment of 50 crore.
Further, these funds will be utilized to acquire DLF's 160-Mw assets in Gujarat and Karnataka. Further, Legal firm Amarchand Mangaldas is drafting the final legal document of the deal, which is likely to be finalised as early as this week.
DLF was reportedly planning to sell its wind energy business for about Rs 900 crore. Initially, the company will sell windmills that can generate up to 200 megawatts of power and have permission from state governments to transfer power purchase agreements. Afterwards, it will sell the assets that can generate another 28 MW of power.
DLF, founded by billionaire Kushal Pal Singh, has a land bank of 10,255 acres, the biggest in the real estate sector. At its peak, its debt pile stood at Rs 23,000 crore.
| Company Name | CMP |
|---|---|
| Lodha Developers | 871.70 |
| Dilip Buildcon | 457.55 |
| DLF | 601.80 |
| Oberoi Realty | 1710.00 |
| Ahluwalia Contract(I | 832.90 |
| View more.. | |
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