Greenko founders buy Orix Corp's 20% in Greenko Energy for $1.3 bn
AM Green BV will buy Japanese financial service firm
Orix Corp
's 17.5 per cent stake in clean energy producer
Greenko Energy
Holdings for USD 1.28 billion, the firms said on Monday.
AM Green is owned by the founders of Greenko, Anil Chalamalasetty and Mahesh Kolli. Post this transaction, AMG will own around 25 per cent of Greenko, whose largest owner is Singapore's sovereign wealth fund GIC Pte with a 58 per cent stake.
Orix will transfer 17.5 per cent holding in Greenko, out of its total ownership of 20 per cent, to AM Green Power BV (a subsidiary of AM Green BV).
The Tokyo-based firm will also invest about USD 731 million in a convertible note issued by parent company AM Green (Luxembourg) Sarl (AMG Lux).
Greenko owns major
renewable energy
companies in India and operates renewable energy power generation facilities with a total installed capacity of 10 gigawatt, including solar, wind, and hydroelectric power generation. In addition, it is advancing the development of large-scale pumped storage power generation.
Live Events
"Orix has supported Greenko's business growth since it invested in March 2021. Orix decided to sell 17.5 per cent of the 20 per cent share holdings in Greenko and invest in AMG Lux as part of its capital recycling strategy," the Japanese firm said in a statement.
This investment will provide Orix long-term exposure to green hydrogen, ammonia, SAF and other next-gen molecules, aligning with its capital recycling strategy, AM Green said in a separate statement.
While AM Green (AMG) did not give the value of the transaction, Orix said the transfer price is "USD 1.282 billion".
"This transaction is a key milestone in building one of the world's fully integrated and scalable green energy platforms," Chalamalasetty, founder and CEO of AM Green, said.
In January 2025, Orix announced that it had entered into a share transfer agreement with Greenko and a new investment in AMG Lux, but because the conditions precedent had not been satisfied, the agreement was terminated in April 2025.
"However, after further consideration among related parties, we have decided to reenter into this agreement," it said.
The transaction is subject to regulatory approvals and is likely to be concluded by the end of July.
AMG has plans to produce 5 million tonnes per annum (MTPA) of
green ammonia
, with the first 1 MTPA project located in Kakinada in Andhra Pradesh, which is under construction with targeted commissioning during the second half of 2026.
It has also signed binding term sheets with the likes of Uniper SE, an energy company, and Yara Clean Ammonia, a trader and distributor of ammonia, to supply green ammonia to Europe.
In the future, AMG aims to expand its business to include the production of 1 MTPA of green hydrogen, synthetic fuels such as methanol, as well as the production of SAF (
Sustainable Aviation Fuel
) using biomass-derived raw materials, and to become a platform company that builds a value chain for next generation energy.
AMG has also signed globally the largest power purchase agreements for supply of round-the-clock carbon-free energy for its first 2 MTPA green ammonia projects and has access to electrolysers through its manufacturing JV with John Cockerill.
Its Kakinada industrial complex, currently under construction, will be the world's first and largest integrated green industrial zone. It will house 2 MTPA of green ammonia production, 2 GW electrolyser gigafactory and facilities for SAF and green chemical production.
Greenko's flagship 1.7 GW pumped storage project in Andhra Pradesh has already been commissioned, with its next 2 pumped storage projects in Madhya Pradesh and Karnataka (2.5 GWs) are expected to be commissioned in 2026 and 2027, respectively.
Orix said its gains from the transaction are subject to exchange rate fluctuations.
"If the sale price is estimated using the exchange rate as of June 27, 2025, (USD 1 equal to 144.58 Japanese Yen), Orix expects to record a gain on the sale of approximately 93.4 billion Yen (including the valuation gain on the 2.5 per cent stake which we will continue to hold) in the consolidated financial statements in the second quarter for the fiscal year ending March 31, 2026," it said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
15 minutes ago
- Economic Times
VCs on AI flight to valley
ETtech Indian venture investors are setting up shop in San Francisco, the AI epicenter, as they chase cutting edge development of the technology and aim to spot the next wave of AI trends. Multiple Indian venture capital companies, such as Elevation Capital and Peak XV, have set up shop at AI epicenter, San Francisco, in the US to tap into the booming industry. In addition to this, investors are spending more time in San Francisco or SF as it is called, as the pace of AI development grows unabated in the region. Elevation Capital recently hired Capillary Technologies cofounder and former Meta executive Krishna Mehra, as the AI partner, with more people from the team spending significant time in the US. Peak XV has set up an office in SF, and has hired Arnav Sahu, former Y Combinator principal, to drive investments. Blume Ventures' managing partner Sanjay Nath is spending time in San Francisco and India. ET has also learnt that VC firm Z47 is looking to expand its presence in San Francisco, in the US. The email sent to the company did not elicit any response till the time of Mehra, AI Partner, Elevation Capital, who is based in Palo Alto, quipped that it is now easier to meet a VC in the Valley than in Bengaluru. 'I end up meeting more people from the investment community there,' he are a few things driving this. SFO playbookMehra explained that this is a combination of more action happening in the US and the need to be closer to understand what is happening in the region and where the buck is going. 'There is a lot of cross border action happening as well, which being there helps to a certain extent,' he added. Two Bengaluru-based investors ET spoke to said that they are travelling to the US more often to understand how the technology is evolving. 'Travelling there iseye-opening in terms of what is happening in AI and the kind of talent density that is available there,' one of the investors Krishna, founder, Inkle, a US accounting and tax automation startup, said this is happening globally as well. For instance, he highlighted that a global accelerator, which had originally encouraged founders to start the company wherever they were, is now encouraged to move to the US.'Their original pitch was that build wherever you are, talent is everywhere and sit anywhere in the world. This was 10 years ago,' Krishna said.'This is because the early-stage AI startup has centralised itself to San Francisco city, which has become centre of gravity for startups and foundational model companies. This has eroded Silicon Valley's relative historical dominance over SF, as thousands moved to or launched in the city,' he explained. This includes OpenAI and Y Combinator companies that are in SF that have created a concentration of talent in the region resulting in a vibrant AI ecosystem, attracting investors, startups and techies. 'Now you will see entrepreneurs and investors all over the world making pilgrimages to SF every six to 12 months,' Inkle's Krishna says. What are investors doing in the US?Indian investors have been investing aggressively in the AI space in recent times. With a lot of startups in the AI space moving to the US, it is also becoming important for investors to help them with the networks. ET had earlier reported that a number of AI startups such as and Composio have moved to SF to tap into this ecosystem. Early this year, Sarvam AI, which is building an Indic foundational model, launched Sarvam Labs in the Bay Area in the US in March in LightSpeed office in Menlo Park, Andra, managing director, Endiya Partners, who has been spending 3-4 months a year in the US, said, 'They (portfolio startups) need connections and networks. So, helping them becomes very important,' he said. But he does not see himself spending more than that in the Capital's Mehra said that in the last two years they have invested in 15-20 companies, compared to the norm of five or six before, primarily driven by AI. 'There is a lot of potential to build category leading companies, some of them in India. But some of them are easier to do in the US. That is why founders are moving early, and the pool is much larger. This might change in five years,' he said. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. Inside TechM CEO's 'baptism by fire' and the blaze he still needs to douse How the sinking of MSC Elsa 3 exposed India's maritime blind spots Profits plenty, prices attractive, still PSU stocks languish. Why? The bike taxi dreams of Rapido, Uber, and Ola just got a jolt. But they're winning public favour Stock Radar: Indus Tower stock breaks out from Symmetrical Triangle pattern; could hit fresh 52-week high – check target & stop loss Weekly Top Picks: These stocks scored 10 on 10 on Stock Reports Plus Will worst of perception be over in Q1 earning season? 9 IT stocks, probably best contrarian bets. Use a different way to be contrarian Stock picks of the week: 5 stocks with consistent score improvement and return potential of more than 25% in 1 year
Economic Times
15 minutes ago
- Economic Times
AppsForBharat raises $20 million in round led by Susquehanna Asia Venture Capital
AppsForBharat, the parent company of devotional platform Sri Mandir, has raised $20 million in a funding round led by Susquehanna Asia Venture Capital. The round also saw participation from other existing investors Nandan Nilekani's Fundamentum, Elevation Capital and Peak XV Partners. The funds will be used to invest in over 20 temple towns in India, strengthen services and commerce verticals, and set up fulfilment and logistics hubs. 'On the devotee side, we are further investing in the product to help it grow in multiple languages. We are also investing heavily in AI-led experiences, where users will be assisted in their devotional journeys and more,' founder and chief executive Prashant Sachan told ET in an interaction. Founded in November 2020 by IIT Bombay alumni Prashant Sachan, Sri Mandir offers a virtual platform where devotees can perform pujas, connect with prayer groups, and access devotional content, including spiritual texts, scriptures, and videos. In the last 12 months, 12 lakh devotees have performed 52 lakh online pujas and offerings at over 70 temples across India. The startup plans to set up 20 logistics hubs by the end of this year. It currently operates warehouses in eight towns.'The question for us is whether we can invest in physical infrastructure in or near that temple town, which would help us conduct our online services much more efficiently and enable temples to deliver offerings to devotees directly from that location. That is what the investment is all about,' Sachan Bengaluru-based firm had raised $18 million in September last year. Startups in this space have experienced rapid growth, attracting significant investments from venture capital (VC) firms in recent months. They have also been capitalising on various religious events to expand their user base and drive growth. Other key players in this space include DevDham and to Sachan, the company's revenue has doubled over the past six months, without disclosing further details. It now has about three million monthly active users, he said. The startup serves devotees in six international markets, with around 20% of its demand coming from the Indian diaspora residing in the US, UK, Australia, Canada, New Zealand, and the UAE. Earlier, ET had reported that AppsForBharat plans to expand into regions with large NRI presence like Singapore, Malaysia, South Africa, and the richer neighbourhoods of Europe. This comes at a time when devotional platforms are expanding their reach beyond India, targeting the affluent and culturally connected Indian diaspora to boost both sales and subscriber numbers. On July 7 last year, ET reported that a post-pandemic surge in online engagement and a growing interest in spiritual practices in recent times have revived the fortunes of apps offering spiritual and devotional services. Commenting on the investment, Sai Araveti, investment advisor, Susquehanna Asia VC, 'Sri Mandir has demonstrated exceptional execution in building foundational infrastructure for digital devotional services, while simultaneously enabling temples to serve devotees across geographical boundaries better."
Time of India
15 minutes ago
- Time of India
Torrent set to be 5th largest pharma co
New Delhi: Following the acquisition of JB Chemicals & Pharmaceuticals (JB Chem), Torrent Pharma is set to become India's fifth-largest pharmaceutical company (up from seventh), capturing a 4.6% share (up from 3.6%) of the Rs 2.3 lakh crore organised retail market. Significantly, the deal propels Torrent to become the number one player in the over Rs 30,000 crore cardiac therapy market (moving annual total or 12-month period ended May 25), overtaking the leader Sun Pharma , from an existing 7% to nearly 11% share (MAT May 25). Sun Pharma leads the highly fragmented market with sales of just over Rs 19,000 crore and an 8.3% share (MAT May 25). The Ahmedabad-based firm, flagship of the Torrent group, follows Cipla, which has a 5.2% market share. The Torrent scrip closed nearly 2% higher at Rs 3410, while the discounted open offer price saw JB Chem's stock price plunging by over 6% to Rs 1680 on the BSE on Monday. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
