Japan's ORIX Corp To Pick Minority Stake In Greenko Energy For Rs 7,000 Cr

Homegrown renewable energy firm Greenko on Friday said Japan-based ORIX Corporation will invest $980 million (over Rs 7,000 crore) to acquire significant minority stake in the company.

ORIX Corporation of Japan is a diversified global powerhouse and its business activities span industries like energy, private equity, infrastructure, automotive, ship and aircraft, real estate and retail financial services, Greenko Energy Holdings (Greenko) said in a statement.

"ORIX agrees to invest $980 million to acquire a significant minority stake in Greenko. ORIX has entered into a definitive framework agreement to make an investment of at least $980 million to acquire shares in Greenko through a combination of primary and secondary transactions," the renewable energy firm said.

Greenko MD and CEO Anil Chalamalasetty said, "The transaction will further drive capacity, revenue, EBITDA and overall earnings growth for Greenko and our stakeholders. Indian energy markets are transitioning from deficit markets to demand-driven contracts, requiring reliable, flexible and cost-competitive energy."

Hidetake Takahashi, Head of Energy and Eco Services Business Headquarters of ORIX, said, "India has become one of the largest renewable markets in the world. We are impressed by Greenko's competitive and differentiated strategy to provide renewable energy as clean, reliable and flexible power."