CDPQ to buy 10 pc more stake in Apraava Energy for Rs 660 cr

Global investment group CDPQ will buy an additional 10 percent stake of CLP Group in Apraava Energy for Rs 660 crore which will raise its share in the company to 50 percent.

According to a statement, CDPQ first became a strategic shareholder in Apraava Energy in 2018 by acquiring a stake of 40 percent. Since then, Apraava has successfully undertaken several energy transition-related investments.

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

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

''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 fulfillment of various conditions precedent including regulatory approvals, it added.