Thailand’s PTT buys $453 mn stake in India’s Avaada Energy
Daily News (via HT Media Ltd.)
Global Power Synergy Pcl, the listed power unit of Thailand’s state-owned PTT Group, has acquired a stake in Indian renewable energy provider Avaada Energy Pvt for about 14.8 billion baht ($453 million).
Global Power completed the purchase of about 41.6% stake in Avaada through subscription of new shares, the company said in a statement late Tuesday, confirming an earlier Bloomberg News report. The transaction aligns with the firm’s international growth strategy in renewable energy, it said.
The deal comes within days of PTT Global Chemical Pcl, another of PTT Group’s listed units, agreeing to acquire Allnex Holding GmbH, a European specialty chemicals maker owned by private equity firm Advent International, for 4 billion euros ($4.75 billion). PTT Global’s Allnex purchase could be the biggest overseas acquisition by a Thai company since Thai Beverage Pcl’s takeover of Fraser and Neave Ltd. in 2012, according to data compiled by Bloomberg.