Thai electricity firm Global Renewable Synergy Company Pcl (GPSC) said it had bought 41.6 per cent of India’s Avaada Energy for 14.8 billion baht ($453.29 million).
“The investment in this platform aligns with the company’s growth strategy in the renewable energy business,” GPSC chief executive Worawat Pitayasiri said in a statement late on Tuesday.
GPSC, a unit of state-owned PTT Pcl, considers India as a focus country for renewable energy expansion.
The deal comes days after another PTT unit, PTT Global Chemical Pcl, announced a $4.75-billion acquisition of German coating resins maker Allnex.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.