Investments in environment friendly and sustainable projects are gaining traction and on trend is the latest transaction by Dua Associates Mumbai. The team led by Anish Ghoshal, Partner, Pramod Gharge, Partner and Rajat Agarwal, Principal Associate, closed a debt cum private equity investment transaction by Mitsui & Co. and NEEV Fund, an SBI Venture Capital Fund, in Punjab Renewable Energy Systems Private Limited – a leading indigenous company providing Biomass Supply Chain Management.
The deal involved the following transactions, which were extremely complex as they were being negotiated as a part of a settlement process amongst the promoter group.
(1) Issuance of Optionally Convertible Debentures to NEEV Fund for INR 25,000,000 in two tranches; and
(2) Issuance of Compulsorily Convertible Preference Shares to Mitsui & Co. for INR 300,000,000.
Below are links to media coverage of the deal :
This deal provides an impetus to the Government and Industry initiatives in the clean energy sector, contributes to the conservation of the environment and reduction of pollution, while also boosting entrepreneurship among farmers in the villages. Quite a perfect example of driving the ESG agenda through an investment !
