Singapore’s sovereign wealth fund arm GIC is looking to sell its 58 per cent stake in Indian renewable energy company Greenco Energy but the deal is being delayed due to stock market turmoil and changes in valuations in the renewable energy sector. People aware of the incident gave this information.
Bankers say GIC has approached various companies, including JSW Group, to sell its stake in the company with a valuation of $4.2 billion. Greenco Energy is one of the country’s leading renewable energy companies. According to the information given on the company’s website, its total installed capacity in 20 states of the country is 11 GW. GIC and JSW Group were contacted for information but they declined to comment. A JSW Group source said the group is currently busy acquiring KSK Energy for Rs 16,000 crore and O2Power at a cost of Rs 12,468 crore. Therefore, the Group is not currently looking at acquiring any new assets.
GIC was looking to sell its stake since October last year at a valuation of $5 billion. One of the potential bidders said bankers had approached them but the company’s valuation was too high considering the stock market crash in September last year.
In January this year, Japan’s Oryx Corporation sold its 20 per cent stake in Greenco Energy Holdings to AM Green Power for $1.46 billion. Apart from Orix and GIC, Abu Dhabi Investment Authority holds 14.5 per cent stake in Greenco Energy. The remaining shares are held by the company’s founders.
GIC has been investing in India for more than 30 years. In the last 5 years, this sovereign wealth fund has doubled its investment in the country and is one of the largest investors in the country. It has invested about $20 billion in the financial services sector. GIC also has investments in real estate, infrastructure, consumer products, telecommunications, technology and healthcare sectors.
First Published – May 1, 2025 | 11:57 PM IST
