Inside cleantech India: Kal, Aaj aur Kal!

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Investments, Deals & Partnerships 

The Bajaj Auto-Nissan-Renault alliance is expected to deliver Tata Nano’s first competitor on-road mileage of over 30 km a litre. Code named ‘ULC’ (ultra low cost), the small car will be made at a new plant in Maharashtra, with an initial annual capacity of four lakh (400,000) units and is scheduled to hit the roads in 2010-11. Renault’s International Logistic Network facility at Dighi near Pune, its first in Asia and the seventh in the world, will support its global manufacturing. The company believes that this will be the most important differentiator in this price segment of Rs 1.5 lakh ($3,000). Bajaj Auto holds 50 percent stake in the joint venture while both Renault and Nissan hold 25 percent each. 

CDC a UK government-owned fund of funds incorporated in England and Wales with net assets of $4 billion is planning to invest $10 million in Rabo Equity Advisors in support of the Indian food and agri-segment. CDC would be the fifth limited partner to join the Rabo fund, which was launched in July 2008 and has IFC, FMO, DEG and Rabobank as lead investors. On February 17th CDC has made a $35 million commitment to two private equity funds to invest in microfinance institutions (MFIs) in emerging economies. Out of this total amount $20 million have been assigned to India Financial Inclusion Fund, managed by Caspian Capital Partners.  

M&A/IPO

PAE has entered into the solar energy business with an investment of Rs 5 crore ($980,000) 51 percent stake in solar panel manufacturing company, Shurjo Energy Private Limited.  Shurjo Energy manufactures polycrystalline panels for a variety of applications, including grid connected rooftop and ground mounted systems and offgrid applications such as telecommunications and water pumping. It is also manufacturing thin film panels using Copper Indium Gallium diSelenide (CIGS) cells sourced from US. PAE was created in 1950 and was previously known as Premier Auto Electric dealing mainly with auto electrical components. In 1990, PAE became a public-listed company on the Bombay Stock Exchange Limited and raised additional capital in 1997 via a rights issue. In 2003, the company entered in to non-automotive businesses such as industrial batteries and power solutions and changed its name to PAE Limited and now is the largest distributor of lead storage batteries in India. 

Other News That Caught Our Eyes

Andslight, a manufacturer of energy saving LED torch lights, study and table lamps, solar lanterns, security tourch etc. has launched a series of new products in Kashmir Valley on 14th March. The company has already dealers in Bihar and Chennai and is looking to add more customers to its business network.

Chandigarh based Hash Bio Tech Labs Private Limited a group company of the Hash Group and a pioneer in the field of algal nano-biotechnology research and development has been assigned under UN recommendation to set up a bio-tech farm at Dasuya. The manufacturer of modern surgicare utilities has tied up links with Hoshiapur district of Punjab and it is now planning to cultivate spirulina at the farm within a surface of 12 acres. Hash Biotech Labs Private Limited was founded in 2007 and its research portfolio comprises: genetic modifications and optimisations of various microalgal strains for the bio-energy, pharmaceuticals, neutraceuticals, medical diagnostics, food & beverages, cosmetics and pigment industries. 

While solar energy is renewable and eco-friendly, it is also an expensive affair. Now, it’s all going to change, as, in a first-of-its-kind technology in solar energy in India, the department of physics, University of Pune, has developed a nano-crystalline silicon solar cell which promises to be at least five times less expensive than its current cost. Currently, a thin film is used in the solar silicon cell, and the project aims at replacing the film with nano crystalline material which will reduce the cost to less than $1 from the present $5 to $6. As part of the joint collaboration, the fabrication work will be done in the department laboratory while the testing will be carried out at the University of Camerino (UoC), Italy.  

Scientists at the Dr. Panjabrao Deshmukh Agricultural University in Maharashtra, India, say solar-powered water heating systems are the most efficient use of solar energy, providing a payback of two years and a lifespan of 20. The scientists installed a 1,000-liter solar water heater at the Jijau hostel on the university's campus in Akola, Maharashtra. The scientists say they found that solar water heating is 57 percent of the internal rate of return when compared to electrically heated water.