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Malaysia's Gentari bags Fortum India solar projects
Mint Mumbai
|February 14, 2024
Gentari Sdn Bhd, a unit of Malaysia's state-run oil and gas company Petronas, has emerged as the winning bidder for the Indian solar projects of Finland's Fortum Oyj, totalling 185MW, two people aware of the development said.
Gentari has been given exclusivity for documentation of the sales process run by Kotak Investment Banking for the deal at an enterprise value of around $200 million.
Mint had reported earlier that Gentari, Oil and Natural Gas Corp. Ltd (ONGC), Singapore's Sembcorp Industries, Edelweiss Infrastructure Yield Plus Fund's Sekura Energy, and private equity firm Actis Llp were in the fray for the Finnish state-run energy power utility's Indian assets.
These five bidders were shortlisted from Il non-binding offers (NBOS) that were submitted. "Gentari, Actis, ONGC, and Edelweiss had placed price bids, post which Gentari has been given exclusivity," one of the two people cited above said, requesting anonymity.
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