Canada-based alternative investment giant Brookfield Asset Management Inc. has signed a deal to acquire Emami Power Ltd, a solar power-focused company owned by the Kolkata-based cosmetics-to-paper conglomerate- Emami Group.
Emami Power Ltd, which has units in Karnataka, Gujarat, Tamil Nadu and Uttarakhand, currently has a capacity of around 50 megawatts and aims to expand to other states in the country.
For the year ended March 2019, it reported net sales and profit of Rs 58.8 crore and Rs 8.1 crore as compared with Rs 29.6 crore and Rs 2.4 crore, respectively, a year before.
The acquisition represents another move by Brookfield to increase its presence in the fast-growing renewable energy segment in India. Last June, the Canadian giant had sealed its first buyout in the sector, by agreeing to pick up two wind farms from the Hyderabad-based Axis Energy Ventures Pvt. Ltd for Rs 500 crore (around $72 million).
According to its website, Brookfield’s renewable energy business has over $48 billion in assets under management.
This is a Businesswire Feed; edited by Clean-Future Team