India’s Aditya Birla Renewables said on Tuesday that BlackRock’s infrastructure fund will invest 20 billion rupees ($222.50 million) and take a minority stake in the green-energy company.
BlackRock’s Global Infrastructure Partners will also have a “greenshoe option” to invest a further 10 billion rupees in the Indian company, taking the total investment to 30 billion rupees (about $335 million), Aditya Birla Renewables said.
The investment values the renewable energy company at 146 billion rupees, including debt, the company said in a statement.
Aditya Birla Renewables is a wholly owned unit of India’s Grasim Industries Ltd, which is part of the Aditya Birla Group.
($1 = 89.8860 Indian rupees)
Reuters
