News» Category: Merger & Acquisition

Eyes smaller cities for expansion

Hyderabad, April 29, 2015:

Japanese air-conditioning company Daikin on Monday outlined plans to increase its market share from 11-12 per cent to 15 per cent over the next few years.

The company is also planning a new manufacturing unit, which will effectively double its India capacity to one million units a year, according to Kanwal Jeet Jawa, Managing Director of Daikin India.

Daikin is likely to invest Rs. 350 crore to build the plant. This would enable the company to expand in the domestic market as well as step up exports in the neighbouring countries, he said.

During an interaction here after the launch of two Daikin Solutions Plazas, Jawa said the company is in the process of consolidating its presence through over 2,000 dealers and over 200 Solutions Plazas across the country.

It is looking at penetrating the Tier II and III cities, where there is huge latent demand for air-conditioners.

Daikin’s Indian business has grown rapidly in the past five-six years after opening its plant in Rajasthan. The Indian unit now reports a turnover of over Rs.2,600 crore.

“We operate as a 100 per cent subsidiary of the Japanese parent. While manufacturing units in Japan and Thailand support us, the Indian unit has provided us great flexibility in terms of the range of products and services we offer,” Jawa said.

“Apart from home air-conditioning business, the commercial establishments account for a big chunk. We are working with over 11 airports and major metros, including the Hyderabad metro project,” he added.

The country’s AC market is under-penetrated, said Jawa.

“Last two years have been tough. Cars sell more than ACs. It won’t be long before we see the Indian market witness much higher growth like in China.” Business Line

News» Category: Merger & Acquisition
New Delhi, April 29, 2015

JSW Energy today reported nearly 4 per cent jump in net profit at Rs.234.29 crore for the fourth quarter ended March 31, 2015 mainly due to decline in fuel cost.

The company had reported net profit of Rs. 225.65 crore in the same quarter of the last financial year (2013-14), JSW Energy said in a regulatory filing to BSE.

However, JSW Energy’s total income from operations was down 6.9 per cent to Rs. 1,420.04 crore in the reported quarter from Rs. 1,525.29 crore in the fourth quarter of 2013-14.

The fuel cost of the company came down to Rs. 793.96 crore during the January-March 2015 quarter, compared to Rs. 917 crore in the same period last fiscal.

“The board of directors has recommended payment of dividend of Rs. 2 per equity share of Rs. 10 each on the paid-up equity capital of the company for the year ended March 31, 2015,” JSW Energy said.

The payment of dividend is subject to the approval of shareholders of the company.

JSW Energy reported a net profit of Rs. 994.55 crore for the fiscal ended March 31, 2015 as compared toRs. 602.48 crore in the last fiscal, up 65 per cent.

Total income from operations during the fiscal rose by 9.1 per cent to Rs. 6,331.95 crore from Rs. 5,802.61 crore in the previous financial year (2013-14).

JSW Energy produces 3,140 MW of power, with a capacity of another 8,630 MW under implementation and development.

Shares of the company were trading on the BSE at Rs. 107.60 apiece in the afternoon, down 6.27 per cent from the previous close. PTI

News» Category: Merger & Acquisition

Deal marks Havells’ entry into solar energy segment

New Delhi, April 24, 2015

Havells India on Monday said it has acquired a 51 per cent stake in Bangalore-based LED and solar lighting products maker Promptec Renewable Energy Solutions at an enterprise value of Rs.65 crore.

The company said this acquisition marks Havells India’s entry in the solar energy segment and will also help it grow aggressively in the LED space with short development cycles for new products. Post-acquisition, the promoter group of Promptec would continue to hold a 49 per cent stake in the company.

‘Substantial impetus’

In a statement, Anil Rai Gupta, Chairman and Managing Director, Havells India, said: “Promptec is an ideal fit for Havells and the acquisition is expected to provide substantial impetus to Havells’ growth plans in the high potential segments of LED and Solar Solutions.”

He said the alliance also marks the entry of Havells in the field of solar energy that could be further expanded, considering the number of renewable energy initiatives of the government.

“We expect Promptec, which currently has a revenue of Rs.35 crore, to grow multi-fold with its innovative lighting solutions and be a Rs.250 crore business in the next three-four years,” he added.

Havells India has plans to take share of LED lighting to over 40-50 per cent of its total lighting sales and this acquisition is a further step in the journey, the statement added.

“We sincerely believe this partnership is a huge boost for Promptec as we get substantial reach through the Havells brand and distribution platform. We continue to remain dedicated to this venture as in the past,” added Kiran Moras, Director, Promptec Renewable.

Promptec has recently executed projects to supply solar cellphone stations to Africa markets through Digicell. It has also executed projects for institutions such as Infosys, State Bank of India, Bharat Electronics Ltd and Bharat Heavy Electricals Ltd. Business Line

News» Category: Merger & Acquisition
Battery/Storage companies raise $69 million; Energy Efficiency companies raise $140 million

Bangalore, April 24, 2015 -

Mercom Capital Group, llc, a global clean energy communications and consulting firm, released its report on funding and mergers and acquisitions (M&A) activity for the Smart Grid, Battery/Storage and Energy Efficiency sectors for the first quarter of 2015.

Smart Grid

Venture Capital (VC) funding in the Smart Grid sector in Q1 2015 came in at $185 million in 15 deals, compared to $59 million in 13 deals in Q4 2014. There were four early stage deals, including three Series A and one Seed funding deal in Q1.

There were 37 total VC investors including one accelerator who participated in VC funding rounds this quarter. Within Smart Grid, Smart Grid Communications Technology companies received the most funding. EnerTech Capital was the only investor participating in multiple deals this quarter with three.

The top VC funded deal in Q1 2015 was the $115 million raised by SIGFOX, a wireless connectivity solutions provider for smart metering, building intelligence and M2M using ultra narrow band technology. Other top deals for the quarter were the $15 million raised by Tempered Networks, a cyber-security company; the $14 million raised by Blue Pillar, a provider of software-based solutions for real-time visibility and control into distributed energy assets; the $11 million raised by Enbala Power Networks, a provider of demand-side grid optimization services for commercial and industrial large-scale electricity users; and the $8.4 million raised by TROVE Predictive Data Science, a provider of applications for load forecasting, revenue protection, demand-side management and program planning for utilities.

There were seven Smart Grid M&A transactions (four disclosed) totaling $196 million. The top disclosed transaction was the acquisition of AlertMe, a home automation platform, energy monitoring and control, and analytics provider, by British Gas (part of the Centrica plc group) for $100 million. Bluegiga Technologies, a Finland-based provider of short-range wireless connectivity and software solutions for home automation and industrial automation, was acquired by Silicon Labs for $61 million. RadioPulse, a Seoul-based developer of ZigBEE for AMR, wireless automation, home network and high technology markets, was acquired by IXYS for $22.5 million.

Detectent, a provider of utility data analytics solutions, was acquired by Silver Spring Networks for $12 million.


VC funding for Battery/Storage companies came to $69 million in seven deals, compared to $47 million in seven deals in Q4 2014. The top deals include the $20 million raised by Boston Power, a manufacturer of lithium-ion batteries for electric vehicles and stationary energy storage, and the $20 million raised by Sakti3, a developer of solid-state rechargeable lithium-ion battery technology. Eos Energy Storage, a developer and manufacturer of zinc hybrid cathode energy storage solutions for electric utilities, raised $15 million. TAS Energy, an energy storage solutions provider that combines turbine chilling with thermal energy storage tanks, raised $10 million, and ZAF Energy Systems, a developer of nickel-zinc and zinc-air battery technologies, raised $2.2 million.

There was just one debt and public market financing deal announced for Battery/Storage technology, the $130 million raised by Bloom Energy, a manufacturer of solid oxide fuel cell technology products.

There were five M&A transactions in the Battery/Storage category, of which only two disclosed funding amounts totaling $2.3 billion.

Energy Efficiency

VC funding for the Efficiency sector came to $140 million in 15 deals, compared to $192 million in 25 deals in the previous quarter. The top VC deal was by Verne Global, a developer of energy efficient data centers, securing $98 million, followed by Terralux, a designer and manufacturer of LED lighting and building intelligence solutions, which raised $11 million. RayVio, a solid state ultraviolet LED solutions provider, raised $9.3 million. Tendril, a provider of an open, cloud-based energy services management software platform that delivers the infrastructure, analytics and understanding required to personalize energy usage, raised $7.2 million; and Lucid Design Group, a provider of a building operating system platform for intelligent buildings that connects hardware, software and people through a collaborative interface, raised $5.9 million.

Efficiency companies also raised $183 million in debt and public market financing in three deals in Q1 including one IPO. MLS, a Chinese LED manufacturer and the parent company of USA-based Forest Lighting, raised $154 million through its initial public offering and began trading on the Shenzhen Stock Exchange in China in March 2015.

There were 11 M&A transactions in the Efficiency sector, of which five disclosed details totaling $3.1 billion, compared to 10 transactions disclosed for $131 million in Q4 2014. The largest disclosed transaction was the $2.8 billion acquisition of an 80.1 percent interest in Lumileds, a Royal Philips LED lighting components business, by GO Scale Capital Investment Consortium, an investment fund sponsored by GSR Ventures and Oak Investment Partners.

For a copy of the report, visit: http://bit.ly/MercomSGQ12015 
CCI Newswire 

News» Category: Merger & Acquisition

Hyderabad, April 16, 2015 - Surana Telecom and Power Ltd has acquired 51 per cent equity stake in Arhyama Energy Pvt Ltd, which is setting up a 10- MW solar power plant atNalgonda in Telangana.

The total investment outlay for the project is estimated at Rs. 82.80 crore. Arhyama had entered into long-term power purchase agreement with Genpact and Dr Reddy’s for supply of power generated from the unit under open access route.

“This project, expected to be commissioned during the year, will also be entitled to benefits from the Renewable Energy Certificates.

“This is a composite deal. At this point, it would be difficult to provide details,” Narender Surana, Managing Director of Surana Telecom, told BusinessLine . The company has also disinvested and exited its 49 per cent equity in a joint venture with Radiant Alliance Ltd in Bangladesh as it was getting tougher to execute the project, he said.

The Surana Group company has been running a 5-MW solar power project at Gujarat Solar Park, Charanaka Village in Patan District, and another 5-MW solar power plant through its subsidiary Surana Solar Systems Pvt Ltd in Medak district of Telangana.

Another 10-MW solar power project is under construction/implementation through its subsidiary Celestial Solar Solutions Pvt Ltd at Tumkur in Karnataka.

This takes the total installed and under-execution capacity to 30 MW. Business Line

News» Category: Merger & Acquisition

New Delhi, April 16, 2015: For the first time in the country, the annual electricity generation in 2014-15 crossed one thousand Billion Units or one Trillion Units. Power generation during the 2014-15 is 1048.403 BU showing a growth rate of 8.4% over the previous year which is the highest growth rate in the last two decades. Since 1991-92, the Compounded Annual Growth Rate of electricity generation has been around 5 to 6.6%. The biggest contributor was generation from the coal based power stations which recorded an annual growth rate of 12.1%.

The generation capacity addition during 2014-15 was 22,566 MW against a target of 17,830 MW, which is the highest ever achievement in a single year. The capacity addition during the first 3 years (2012-13 to 2014-15) of 12th Plan is 61,014 MW which has not only exceeded the capacity addition of 54,964 MW of the entire 11th Plan (2007 to 2012) but also constitutes 68.9% of the total 12th Plan target of 88,537 MW.

Out of 22,566 MW added during the year 2014-15, contribution of thermal sector was significant i.e. 20,830 MW (92% of the total). It includes NTPC's 660 MW unit at Barh in Bihar where the first indigenously manufactured super critical units by BHEL have been commissioned. The year marked turn around in Hydro sector with 736 MW contribution in Central sector that included NTPC’s maiden contribution and entry in hydro sector with Koldam units. NHPC and SJVNL completed their projects at Parbati III and Rampur respectively. The gas based Monarchak Power Plant of 65.4 MW, Agartala ST-II of 25.5 MW and Palatana Unit-II of 363.3 MW were also commissioned during the year in Tripura which will benefit the entire North East. Commissioning of Kudankulam Nuclear power station of 1,000 MW during the year will help all the Southern States.

The focus is now more on transmission and distribution sector. Following a number of steps taken by the Government for expediting forest clearances and intensive monitoring of critical transmission lines, 22,101 circuit kilometers (ckm) of transmission lines have been commissioned during the year 2014-15 against 16,748ckm commissioned during the same period last year, thus having a growth of 31.96% which is the highest ever achievement in a single year. This is 106% of the annual target of 20,882 ckm fixed for 2014-15. Similarly, the overall increase in the transformation capacity has been 65,554 MVAduring 2014-15 which is record achievement in a single year and constitutes 137% of the target of 47,871MVA fixed for 2014-15.
The major inter-state transmission system (ISTS) commissioned in 2014-15 includes Raichur-Sholapur 765 kV 2nd circuit which strengthened the synchronous interconnection of Southern Region (SR) with rest of the country thereby facilitating reliable operation of single frequency National Grid. The commissioning of 2nd 765 kV line from Raipur to Wardha to Aurangabad during the year provides an important corridor for transfer of power from Chhattisgarh area towards load centres in Maharashtra and further to Southern Region. Commissioning of Sholapur – Pune 765 kV S/c line has also facilitated improvement of power supply in Maharashtra and SR. Commissioning of Silchar – Imphal and Silchar – Bongaigaon line during the year will result in significant improvement in power supply to Manipur and North-East.

The huge capacity addition coupled with higher generation and improved transmission capacity has resulted in considerably reducing the electricity energy shortage from a level of 7 to 11% during the last two decades to a record low of only 3.6% during the year 2014-15.

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