M&A

M&A

RP Goenka Group's Purvah Green Power to acquire Welspun New Energy for Rs.2,500-Cr

Economic Times  

Kolkata-based Purvah Green Power , the renewable energy subsidiary of the RP Sanjiv Goenka Group, is to acquire Mumbai-based Welspun New Energy for an enterprise valuation of approximately INR 2,500-Cr. The transaction follows final negotiations where the firm outbid Macquarie.Welspun New Energy currently operates about 45 MW of renewable energy capacity but maintains a significant growth pipeline. This includes a 245 MW wind-solar hybrid project in Gujarat that is under construction, as well as a 700 MW wind-solar-plus-storage development pipeline. The firm has set a target to achieve 5 GW of renewable capacity and a production of 2 million tonnes per annum of green derivatives, such as green ammonia and methanol, by 2030.The acquisition will provide Purvah Green Power with access to this development pipeline, supporting its strategic objective to establish a 10 GW green power portfolio. Purvah Green Power recently expanded its operational footprint through the acquisition of 1.4 GW of solar assets from ReNew Power for INR 4,859-Cr.

For FY25, Welspun New Energy had reported about INR 5 Cr in Operating Income and about INR 1 Cr in PAT.