Latest News | CDPQ to Buy 10 Pc More Stake in Apraava Energy for Rs 660 Cr

New Delhi, Jul 12 (PTI) Global investment group CDPQ will buy additional 10 per cent stake of CLP Group in Apraava Energy for Rs 660 crore which will raise its share in the company to 50 per cent.

According to a statement, CDPQ first became a strategic shareholder in Apraava Energy in 2018 through acquiring a stake of 40 per cent. Since then, Apraava has successfully undertaken a number of energy transition related investments.

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"CDPQ, a global investment group, and CLP Group (CLP), one of the largest investor-owned power businesses in Asia, today agreed the sale by CLP of a 10 per cent stake in Apraava Energy to CDPQ, bringing their respective stakes in the company to 50 per cent," it said.

Following this transaction, CDPQ will also have increased governance rights, equal to those of CLP, with respect to Apraava Energy.

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"We are delighted to increase our stake in the company, helping drive this agenda forward while supporting India's ambition of providing clean and sustainable energy to all," said Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure at CDPQ.

The total consideration for the transaction is Rs 660 crore (approximately USD 83 million).

Completion of the transaction is subject to the fulfilment of various conditions precedent including regulatory approvals, it added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)