(Bloomberg) -- Emami Group sold its solar power business to Canadian investment company Brookfield Asset Management, according to a director at the Indian company.
“As part of our divestment plan of non-core business assets, we are happy that we could conclude the deal with Brookfield Asset Management to sell our solar-power business,” Harsha V. Agarwal, director at Emami Group, said on Sunday. The company wouldn't disclose further details about the deal.
The group is looking to pare debt speedily and the sale of Emami Power is part of the plan, Moneycontrol website reported earlier, citing an unidentified person familiar with the transaction. The value of the transaction couldn't be verified, Moneycontrol said.
The targeted business isn't directly linked to listed Emami Ltd. and is a unit of the founder group.
Yes Securities was the financial adviser for the transaction, while Khaitan & Co was the legal adviser for the Emami Group, the Moneycontrol report said. Brookfield didn't immediately respond to a request for comment, Moneycontrol said.
Emami Power has set up solar power projects in Gujarat, Karnataka, Tamil Nadu and Uttarakhand, according to the company's website.
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