Private Equity Other Private Equity/Strategic Investments
Japan’s Honda Motor picks up minority stake in renewable energy co. OMC Power
Source OMC Power (opens in a new tab)Business Line (opens in a new tab)Press Release (opens in a new tab)
Japanese auto major Honda Motor Co Ltd has acquired a 5-10% stake in Gurugram-based OMC Power Pvt Ltd (formerly known as Omnigrid Micropower Company Pvt Ltd). Honda Motor is the third Japanese entity to back OMC Power, joining existing investors Mitsui & Co., which holds a 26% stake, and Chubu Electric Power, the largest Japanese investor with a 30% equity stake. OMC Power is currently building a 1 gigawatt (GW) renewable energy portfolio in India and is expanding into a new business vertical. The company plans to deploy electric vehicle (EV) batteries as a battery energy storage system (BESS) solution and repurpose older EV batteries for uninterrupted power supply (UPS) applications.