KP Group has signed a Non-Binding Letter of Intent (LOI) with Raz Holding Group, a diversified conglomerate in Saudi Arabia, for a proposed strategic investment and/or collaboration with KP Group and/or one or more of its operating entities.
The proposed strategic investment and/or collaboration may be carried out via acquisition or acquisitions, capital infusion or collaboration. The final structure, instrument and valuation will be mutually consented by the parties following completion of due diligence.
The proposed transaction is subject to satisfactory completion across financial, legal, tax, technical and ESG due diligence, negotiation and execution of definitive and legally binding agreements, necessary corporate, board and shareholder approvals of both parties, and applicable regulatory and other customary approvals, including those under FEMA/RBI, SEBI and competition-law requirements, as relevant.
According to a statement by the company, the LOI is completely non-binding and does not have any obligation on either party to proceed with or complete the proposed strategic investment or collaboration. Any legal commitment will only apply upon execution of definitive agreement.
The parties will work together for an exclusive period of 90 days from the date of the LOI and will be effective until November 18, 2026, unless extended by mutual written agreement.
Dr Faruk G Patel, Founding Promoter, KP Group, said the interest from Raz Holding Group is an endorsement of the assets built by KP Group over three decades and the long-term opportunity in India's energy transition. He added that international capital is looking closely at Indian clean-energy platforms and that KP Group looks forward to taking the discussion forward.
Furthermore, the company also stated that, the LOI indicates growing international investor interest in India's clean-energy sector and the Group's portfolio across solar and wind IPP, EPC, transmission and manufacturing, as well as its emerging positions in battery energy storage systems, cell manufacturing, O&M services and green hydrogen.
