US fund TFCC to buy 46% stake in Chennai’s Ramcharan for $4 billion
In a surprise development for India’s clean energy sector, US-based fund TFCC International on Wednesday announced an investment of $4.14 billion to acquire a 46 per cent stake in a lesser-known Chennai-based firm Ramcharan Co Pvt Ltd.
This investment will be made over a period of five to seven years and the first round would be closed by January 2022. The acquisition is for investments in environment to energy management systems and renewable energy devices with high storage capacity made from sodium silicate, according to a company statement.
At a virtual conference to announce the deal, TFCC International chairman Chris Curtis did not respond to many questions including those related to investors in the company, financial and business details of Ramcharan and the reason for the big-bang investment.
