Tata Group’s talks to acquire Bisleri have reached a stalemate over valuation mismatch, while Canada’s pension fund Ontario Municipal Employees’ Retirement System is planning to invest in Indian solar energy company CleanMax Enviro Energy Solutions.
Packaged water firm Bisleri eyeing $1b from deal
Indian conglomerate Tata Group’s plan to acquire Indian bottled water manufacturer Bisleri has hit a roadblock due to valuation expectations, reported Bloomberg News.
The negotiations reached a stalemate after the parties were unable to come to an agreement, as Bisleri’s owners were looking to raise about $1 billion from the deal. However, negotiations can start again and other buyers might approach.
Founded in 1970, Bisleri, formerly known as Parle Bisleri, is an Indian bottled water and soft drinks manufacturer. Tata Group announced its plan to buy Bisleri through its consumer products arm in November last year.
NIIF, I Squared Capital may also invest in CleanMax
Canada’s pension fund Ontario Municipal Employees’ Retirement System (OMERS) is planning to invest in Indian solar energy company CleanMax Enviro Energy Solutions, according to VCCircle.
The government-backed National Investment and Infrastructure Fund (NIIF) and infra-focused I Squared Capital are also in the running to back CleanMax. OMERS bought solar PV power plants producer Azure Power in 2021.
CleanMax operates renewable energy assets, including rooftop solar projects, solar farms, wind farms and wind solar hybrid farms. The firm has also installed 600+ rooftop solar projects for corporates, with a total rooftop solar operating capacity of 350+ MW across India, the UAE, and Thailand.