Indian conglomerate Piramal Group has invested $277m in subsidiaries owned by renewable energy company Mytrah.
The investments are in the form of non-convertible debentures valued at $150m in Mytrah Energy and $127m in Mytrah Ujjwal Power.
Mytrah said the proceeds will be used to replace existing investments from IDFC Alternatives, Aion Capital, Merrill Lynch and Goldman Sachs, with part of the facility also providing growth capital to the company.
Mytrah Energy chairman Ravi Kailas said: “Attracting an investor of Piramal’s stature reaffirms the quality of Mytrah’s operating portfolio and the resulting strong, stable and well diversified cash flow it generates.
“This transaction also simplifies our financial structure, improves transparency and provides resources to underpin our future growth.”
Image: Mytrah
Mytrah lands $277m backing
Investment from Piramal Group will help grow Indian renewables outfit
By EBS