PTT Group in fray for Avaada Energy stake
NEW DELHI : Thailand’s PTT Group is among companies that have shown interest in buying around 22% stake in renewable energy producer Avaada Energy Pvt. Ltd in a potential equity deal estimated at around $220 million, said two people aware of the development.
Avaada Energy—controlled by entrepreneur Vineet Mittal—has an operational portfolio of 1.2GW with a further 4GW under implementation.
“The ongoing vendor due diligence (VDD) for Avaada Energy will be completed by February, post which a term-sheet with the selected firms will be signed. The plan is to have a binding term sheet by March-end,” said one of the two people cited above requesting anonymity.
