This company is closing its doors from India, 15 giants including Tata-Adani are in the race to buy it
Norway’s government company Statkraft is preparing to close its business from India. Many big companies have shown interest in buying its Indian unit. These include 15 companies like Tata Power, Adani Green, KKR-invested Serentica Renewables and Greenko. All these companies have signed NDA i.e. Non-Disclosure Agreement to obtain confidential information related to Statkraft. Meaning, they want to get complete information about the company before bidding. Apart from Tata, Adani and Greenko, Renew Power, Avaada Energy, Wari Energies, Edelweiss Alternate Assets, Energielis, Gentari, two government companies and three investment firms are also in this race. Energielis is run by Statkraft’s former India head Rahul Varshney.
According to a report in the Economic Times, Statkraft produces electricity in India through different methods. It has wind energy, solar energy, hydro power and hybrid power plants. In hybrid power plants, electricity is produced through more than one method. Statkraft is asking for $1.5 to $2 billion for its Indian unit. This unit has the capacity to produce 2 gigawatts of renewable energy. This includes projects that are currently running and those that are being built. Tata Power declined to comment on this. A spokesperson for Serentica Renewables said that it is always looking for new business opportunities. He said that signing NDAs is a common process through which they explore such opportunities. Adani Green, Greenko, Renew Power, Avaada Energy, Waaree Energies, Energelys and Zentri did not respond to this.
Company’s profile in India
Statkraft is selling its Indian unit in four parts, so that buyers have more options. The first part is of wind and solar energy assets in Rajasthan, which have a capacity of 1.5 GW. The second part is of two hydro power plants in Himachal Pradesh, which are in Malna and Allain Duhangan. Both these plants are running in a 49:51 partnership with LNJ Bhilwara Group. The third and fourth parts are hydro power assets located in Tidong in Himachal Pradesh and Kedarnath in Uttarakhand. Companies have to bid by the end of this month. If they want, they can buy the entire portfolio or can also bid for different parts.
Statkraft is Europe’s largest renewable power company. It had announced to close its business from India on 23 October 2024. The company is giving priority to investment in Norway, Europe and South America. Statkraft started its business in India in 2001. Statkraft was the first foreign company to buy the assets of a bankrupt company in India. The National Company Law Tribunal approved Statkraft’s bid for Lanco Mandakini Hydro Power in March 2023.
