New Delhi, June 2 -- Aditya Birla Renewables is likely leading the race to acquire renewable energy platform Sprng Energy while Japanese lender Mitsubishi UFJ Financial Group (MUFG) is launching a new fund for Indian startups and Marengo Asia Healthcare is seeking to raise fresh funding, according to separate media reports.

Sprng Energy

Aditya Birla Renewables, the clean energy platform of the Kumar Mangalam Birla-led Aditya Birla Group, is likely to have emerged as the front-runner to acquire Sprng Energy from Shell Plc, Moneycontrol reported citing sources.

housed under listed parent Grasim Industries. It is targeting a capacity of 10 GW plus in the coming years.

While talks are ongoing, Aditya Birla Renewables has edged past US private equity firm KKR, the report said. It added that PE firm Actis and a consortium of India's National Infrastructure and Investment Fund (NIIF) and Singapore's Temasek had also expressed interest earlier to buy Sprng Energy.

The report said Sprng could command a valuation of more than $1.7 billion and Barclays advising Shell, which had acquired Sprng from Actis for $1.55 billion in 2022.

MUFG

The Japanese financial services giant is planning a new fund for India that will focus on early and growth-stage companies, especially in fintech, The Economic Times reported.

The fund's size is likely to be $250 million but could expand to $400 million, the report said.

Marengo Asia

Marengo Asia Healthcare, a multi-speciality hospital platform formed by private equity firm Samara Capital along with the family offices of Havells and Godrej Group in 2021, is looking to raise Rs 400-500 crore, Mint reported, citing people aware of the discussions.

PE firm LeapFrog, International Finance Corporation and NIIF are looking to buy a minority stake in Marengo, the report said, adding that the company could dilute a 10% stake in the transaction.

The report comes after VCCircle reported in February that Marengo, which has raised Rs 1,100 crore from Samara and the two family offices since inception, was planning to make some acquisitions and intended to raise Rs 250-300 crore for the purpose.

Published by HT Digital Content Services with permission from VC Circle.