M&A

M&A

Shriram Group in talks to exit wind power co Orient Green

Business Line  

Shriram Group is in talks with potential investors to sell its wind power company Orient Green Power for an enterprise value of INR 3,000 crore. The deal could also include an unutilised land parcel of 2,000 acres. Orient Green Power is a listed company with a diversified portfolio of renewable energy-based power projects. Its net loss stood at INR 3.34 crore in the quarter ended September 2021 up from INR 1.94 crore during the previous quarter. Sales rose 5.96 % to INR 7.82 crore in the quarter ended September 2021 (INR 7.38 crore). Orient Green has been bogged down primarily by unpaid dues from state-owned electricity distribution companies, mainly those of Tamil Nadu and Andhra Pradesh. Orient Green has an installed operational capacity of 417 MW of wind generators as at March 2021.