May 21, 2015

Venture Capital | 21 May 2015 US Based Sunergy Invests In Solar Energy Developer SunTerrace by Ahemad Shaikh   @ahemad New Delhi based SunTerrace Energy, a developer of solar energy plants has raised an undisclosed amount of funding from US based fund Sunergy Investors. The proceeds will be utilise to develop 500 rooftop solar plant installations aggregating 100 MW across India by 2018. The company is also planning to raise another round of funding and is in talks with other investors for the same. Founded in 2012 by Vinay Rustagi and Sanjay Bhasin, SunTerrace in engaged in the businesss of development, financing, installation and operation of rooftop solar energy plants for commercial and industrial customers. The company undertakes solar plant installation projects in key markets such as Hotels and Leisure Centres, Cinemas, Shopping Malls, Hospitals, Airports and Transport Hubs, Office Buildings, Educational Institutions, Residential Buildings and warehouses. Sunergy Investors is a family fund based out of US and making investment in US based companies. The fund is now targeting its investments in Indian market specifically in solar companies serving commercial and industial clients. Tiger Global Further Offloads Stake In Just Dial Tiger Global has sold another 5.37% stake in BSE listed Just Dial for R408 Cr ($64 Mn) through an open market transaction. Recently in May, it had sold 2.1% stake or 1481893 shares in Just dial for R161.24 Cr through an open market transaction. The part exit fetches the fund, a 18x returns on its eight year old investment. Mahindra Plans To Acquire Stake In Japan’s Mitsubishi Agricultural machinery Mahindra & Mahindra Ltd (M&M) has entered in an agreement with the Mitsubishi Heavy Industries Ltd. (MHI) subsidiary Mitsubishi Agricultural machinery Co. Ltd. (MAM) that it will invest in JPY3 Bn ($25 Mn or R159.22 Cr) in exchange for 33% voting stake in the company through fresh issue of common shares and Class A (non-voting) shares of MAM.