Petronas in talks to acquire majority stake in Amplus Energy

Malaysian state-owned oil and gas company, Petroliam Nasional Berhad (Petronas), is in talks with I Squared Capital to acquire a majority stake in Amplus Energy Solutions Pvt Ltd for a total consideration of INR27 billion (US$379.89 million). 

Founded in 2010, Amplus Energy operates as a solar photovoltaic project developer with a present portfolio at 350 MW across India. Among its clients is India Yamaha Motor Pvt. Ltd, Jubilant FoodWorks Ltd, Walmart India Pvt. Ltd, Hilton Hotels Corp. and Gurgaon-based Vatika Group. 

Several other investors are also inclined to participate in bidding for the sale. These include Norway’s Statoil ASA, France’s Total SA, Royal Dutch Shell Plc, and Russia’s OAO Rosneft. 

I Squared Capital holds over a 90% stake in Amplus, the balance is held by the management team led by Amplus founder, managing director and chief executive officer Sanjeev Aggarwal.