Adani, Torrent, Shell, and Actis competing for KKR's energy InvIT

12 Jan 2023 CW Team

Virescent Renewable Energy Trust, an infrastructure investment trust (InvIT) owned by KKR India is being sought after by a group of about six domestic and international energy developers for an enterprise value of $550 million. These developers include Adani Green, Torrent Power, Shell, and Actis. The trust has a portfolio of 16 operational solar power plants spread across 7 states, totalling 538 MW in capacity. This could be the first sale of an InvIT in India if the purchase goes through.

According to the sources previously mentioned, the competitors have recently made non-binding offers and are currently in negotiations with KKR and its advisors JP Morgan, who will move forward with a smaller group of shortlisted candidates for the next stage of negotiations and due diligence.

Around 9 operating solar power projects totalling 394 MW were included in the trust's initial portfolio of assets. These projects were located in Maharashtra, Tamil Nadu, Rajasthan, Gujarat, and Uttar Pradesh. The trust then added 7 more operating solar power projects totalling 144 MW in Punjab, Madhya Pradesh, and Rajasthan. With central and state government offtakers, all 16 projects have long-term Power Purchase Agreements (PPAs) for 25 years.

According to a recent study, there is a strong InvITs pooled structure that produces a well-diversified mix of assets, and the cash flows from the pool of 14 assets, which have a three to nine year operational track record. The projects are spread out over seven states, which minimises the effect of any one-time resource-related hazards at remote places.

Infrastructure Transport

12 Mar 2026

Kavach 4.0 Commissioned on Delhi–Mumbai and Delhi–Howrah

"Kavach version four has been commissioned on 1,452 route km, covering the high density Delhi–Mumbai and Delhi–Howrah corridors. The rollout included laying 8,570 km of optical fibre, installation of 1,100 telecom towers, deployment of trackside equipment over 6,776 RKm and establishment of 767 station data centres. Trackside implementation has been taken up on 24,427 RKm covering Golden Quadrilateral, Golden Diagonal and High Density Network sections. The programme aims to strengthen signalling and train protection on key routes.Kavach is an indigenously developed automatic train protecti..

Railways Advance Kalyan–Murbad Line And Mumbai Capacity Expansion

"Indian Railways is advancing multiple rail infrastructure projects in Maharashtra, including the sanctioned Kalyan–Murbad new line and sizable investments under the Mumbai Urban Transport Project and the Mumbai–Ahmedabad High Speed Rail project. The Kalyan–Murbad 28 km new line has been sanctioned at Rs 8.36 billion (bn) on a 50:50 cost-sharing basis with the Government of Maharashtra and has been declared a Special Railway Project for land acquisition; proposals covering 214 hectares are at various stages of acquisition. Budgetary outlay for projects falling fully or partly in Maharash..

Parliamentary Panel Flags Funding Gaps in Heavy Industries

"The Department-Related Parliamentary Standing Committee on Industry (Rajya Sabha) presented its 332nd report on the Demands for Grants 2026-27 of the Ministry of Heavy Industries (MHI). Figures converted from crore and lakh are expressed in million (mn). The Budget Estimates 2026-27 for the Ministry stand at Rs 79,399 mn against a projected requirement of Rs 94,843.2 mn, a shortfall of about 16 per cent, with revenue at Rs 79,370.8 mn and capital compressed to Rs 28.2 mn from Rs 5,020 mn.The committee flagged recurring BE-to-RE compression and declining revised estimate utilisation, and calle..