Waaree-Enel Green Power deal nears collapse amid disputes over unmet conditions

Waaree Energies’ deal to acquire Enel Green Power India is on the verge of collapse, after the two sides started bickering over unfulfilled conditions that were incorporated in the agreement announced in January, people aware of the development said.

They are discussing the terms of a breakup and the talks are not amicable, as per the people.

Solar panel maker Waaree Energies, listed on the stock market in October last year and has a market capitalisation of Rs 85,000 crore, had offered Rs 792 crore in cash to acquire 100% of Enel Green Power India from Enel Green Power Development SRL. Including the renewable power producer’s debt that Waaree Energies agreed to absorb, the enterprise value of the deal was nearly Rs 3,500 crore, as per the people.