Hinduja buys Kiran Energy for Rs1,000 crore

Kiran Energy was founded by Ardeshir Contractor and Alan Rosling, a former Tata Sons executive director in 2010, and has a operational portfolio of around 85 megawatts (MW) now. Hinduja National Power Corp., part of the Hinduja Group, has acquired this company for around Rs1,000 crore.

The company is also engaged in building solar clusters in Gujarat, Maharashtra, Karnataka, Tamil Nadu and Rajasthan with capacities varying between 50MW and 100MW.

The Hindujas have acquired Kiran Energy by buying out the private equity funds who own majority. Three private equity players who are exiting the company are Argonaut Ventures, New Silk Route and Bessemer Venture Partners India which collectively own nearly 80% in the company. The founders Contractor and Rosling and a few others own the rest.

A few years ago, co-chairman of the Hinduja group Gopichand Hinduja, had said the group had plans to invest $1 billion to install 1000 MW of solar capacity.They seems to be moving in that direction.