KCT Group, the Vikram Thapar-led arm of the business house founded by Karam Chand Thapar, is exploring the sale of its renewable energy assets of 103 megawatts (MW), said two people aware of the development.
Founded in 1929 as a coal mining company, the KCT Group currently has a diversified portfolio of businesses with interests in sectors ranging from coal, infrastructure, real estate, manufacturing and aquaculture.
“There is a strong merger and acquisition (M&A) wave in the sector and hence they are keenly exploring a divestment of these renewable assets, which total to around 103 MW. Their portfolio currently includes wind projects in the state of Andhra Pradesh,” said one of the two people cited above, requesting anonymity as he is not authorized to speak to reporters.
The asset sale could fetch the group between $100-150 million, he said.
“Investment bank Kotak Mahindra Capital has been appointed to help find financial and strategic investors who would be interested in acquiring the assets,” the person added.
