Energy's exit is a cautionary tale for several foreign investors in India as close to 16 Gw of solar and wind power projects languish without any power purchase agreement, 24 Gw without transmission connectivity and around 2 Gw unilaterally cancelled by project developers.
Arora will resign less than two years since he joined the Japanese Internet conglomerate
Japanese conglomerate SoftBank Group on Wednesday said it has recorded loss from investments to the tune of USD 1.4 billion, or over Rs 9,000 crore, for 2016-17 in Indian startups like Snapdeal and Ola.
Maytas Infra Ltd will again petition the Company Law Board to allow it to induct the Saudi Binladen Group (SBG) as its strategic partner, according to IL&FS and Maytas' chairman, Ravi Parthasarathy.
A billion dollars in renewable energy is huge.
Nikesh Arora is one of the highest-paid business leaders globally.
Billionaire Gautam Adani's Group on Wednesday announced the acquisition of SoftBank Group Corp's renewable power business in India for a deal value of $3.5 billion (approximately Rs 25,500 crore), to become the world's largest solar company. In a statement, Adani Green Energy Ltd, the renewable energy unit of the port-to-energy conglomerate, said it has inked share purchase agreements to buy 100 per cent of SB Energy India from SoftBank and Bharti Group. Without giving deal details, the statement said the transaction values SB Energy India at an enterprise valuation of approximately $3.5 billion, it stated. The transaction marks the largest acquisition in the renewable energy sector in India.
Experts believe more efforts would be needed in future funding rounds.
SoftBank will hold majority stake in the joint venture.
The highest cap for the capacity would be 2 GW and can be set up in tranches at whatever location the project developer deems fit.
With Nikesh Arora's exit from Softbank, India's start-ups have lost one of its biggest supporters.
Most of the unicorns or billion-dollar valuation firms including Flipkart, Paytm and Ola have had the maximum stakes owned by foreign funds. The founders of all these firms have either single digit stakes in their companies or in low double digits.
SoftBank's investments in the past two years include $627 million in online-retailing marketplace Snapdeal and leading a $210 million funding round in taxi-hailing app Ola Cabs.
Son's offer to supply free power after 25 years is based on the idea that the cost of running a solar plant would progressively decline while its efficiency would increase.
The lowest bid earlier had come for Madhya Pradesh at Rs 5.05/unit.
After being turned down by 113 investors, Nidhi Agarwal, founder of Kaaryah received an aye from Ratan Tata. This is her story.
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