MUMBAI: Days after its deal with CPPIB collapsed, shareholders of SB Energy have approached Adani Group with a proposal to buy them out from their struggling renewable energy venture, said multiple people involved. Talks between both sides have intensified over the last fortnight, ever since it became evident that the Canadian Pension Plan Investment Board (CPPIB) would not back down or accept several of their terms that were increasingly getting difficult to meet.
The due diligence by Adani Geen Energy Ltd, (AGEL), has begun though the final valuations have not been fixed yet, sources mentioned above said.
Set up in 2015, SB Energy is an 80:20 alliance between Softbank Group and Bharti Enterprises that had a target of setting up 20 GW of clean energy projects with an investment of $20 billion over 10 years.
