According to a director at the Indian company, Emami Group sold their solar power business to Canadian investment firm Brookfield Asset Management.
“As part of our divestment plan of non-core business assets, we are happy that we could conclude the deal with Brookfield Asset Management to sell our solar-power business,” Harsha V. Agarwal, director at Emami Group, said on Sunday.
The group is looking to pay off debt quickly and Emami Power ‘s sale is part of the plan, Moneycontrol website reported earlier, citing an unidentified person who is familiar with the deal. It did not check the validity of the contract, Moneycontrol said.
The targeted company is not explicitly connected to the listed Emami Ltd., and is a founding community entity. Yes Securities was the transaction’s financial adviser while Khaitan & Co was the Emami Group’s legal adviser, the Moneycontrol report said. Brookfield, Moneycontrol said, did not immediately respond to a request for comment.
According to the company’s website, Emami Power has installed solar power projects in Gujarat, Karnataka , Tamil Nadu and Uttarakhand.