IFC, two others may pick 49% in green H2 maker Hygenco

The World Bank's International Finance Corp. (IFC), Munich-headquartered Siemens AG, and Singapore's Fullerton Fund Management may acquire at least 49% in Gurugram-based green hydrogen manufacturer Hygenco Green Energies Pvt. Ltd, two people aware of the development said.

- Utpal Bhaskar

Avendus Capital is managing the primary equity raise for the deal, which has an equity value of around $125 million and an enterprise value of around $250 million. IFC plans to invest $50 million equity in the company, with the remaining $75 million to be invested by Siemens AG and Fullerton Fund Management. The deal documentation is underway, and the transaction is expected to be announced in mid-December, they added.

Hygenco’s co-founders Amit Bansal, Anshul Gupta and Ashish Gupta along with their associates, collectively hold a 51% equity share in the company; and the balance 49% is owned by SBICAP Ventures Ltd’s SVL-SME Fund, also known as the Neev Fund II. Hygenco plans to invest $2.5 billion over three years to set up green hydrogen projects in the country.