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 [e-mail]

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 transacti