Renewable energy company Greenko is seeking to acquire Mumbai electricity assets of Anil Dhirubhai Ambani Group's (ADAG) Reliance Infra for a whopping $2.1 billion (about ₹13,000-14,000 crore).

This deal, if it goes through, will be one major diversification for the renewable energy company based in Hyderabad, as it is seeking to bid for distribution assets which are consumer facing and comes along with a dedicated 500-MW thermal power plant.

All through, Greenko has been a power generation company as an independent power producer (IPP), and supplying to state electricity distribution companies.

While confirming the company’s move, Anil Kumar Chalamalasetty, MD and Chief Executive, Greenko, told BusinessLine that, “We hit upon the idea when we were interacting with Reliance group during our efforts to raise funds for expansion and acquisition of other assets.” “And then we learnt about their moves to consolidate their business and made an offer to acquire their assets. However, once the information about the development spread some more players joined the fray making their bids,” he explained.

Greenko, which has had an acquisition-led growth with a series of acquisitions, both hydel and wind, added significant presence in the solar business having acquired the Indian assets of the US-based SunEdison, which headed for bankruptcy.

Mahesh Kolli, President & Joint MD, said: “We now have a portfolio of about 3 giga watts and plan to grow this to about 5-6 GW by 2019-2020. Our balance sheet assets are worth over $4 billion. We are now seeking to make an entry into the distribution sector, which is evolving into a highly specialised segment, where technology will play a major role.”

“It may take about three months to close the deal if we manage to get it,” Kolli explained.

The company, which is backed by GIC of Singapore and Abu Dhabi Investment Authority, is seeking to make a consumer focussed business where Reliance Infra provides supply to over 3 million.

Following reports on the proposed move in August, Reliance Infra had informed the BSE that it was engaged in various initiatives to unlock value in its existing businesses, including the Mumbai power business, roads and transmission, to significantly reduce its debt.

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