Goenka’s ₹2,500 cr ‘wel-spun’ move beats Oz giant
Mumbai: RP Sanjiv Goenka Group's renewable energy arm, Purvah Green Power, is on the verge of acquiring Welspun New Energy (WNEL) for approximately ₹2,500 crore, sources reveal. This deal, if concluded, would surpass Macquarie Group in the final stages of negotiations. The acquisition would enhance Purvah's capacity to develop a 10 GW green power portfolio, both through strategic acquisitions and greenfield projects.
Currently, WNEL boasts around 45 MW of operational renewable capacity, but its growth pipeline is impressive, with a 245 MW wind-solar hybrid project in Gujarat, and a 700 MW wind-solar-plus-storage venture in the works. WNEL aims to expand its renewable capacity to 5 GW and generate 2 million tonnes of green derivatives annually, including green ammonia and methanol, by 2030.
Notably, Purvah acquired 1.4 GW of operational solar assets from ReNew Power at an enterprise valuation of ₹4,859 crore last month alone.
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