**Global Firms Eye 50% Stake in Gentari’s India Business**
Global private equity firms, including Macquarie, Actis, and Sembcorp, along with strategic investors like Serentica Renewables and JSW Group, are considering bids for a 50% stake in Gentari’s Indian operations, according to sources familiar with the matter. The initial bidding round is anticipated to take place by the end of this month.
“There are several private equity and strategic investors interested in participating,” one insider revealed. Gentari, which focuses on renewable energy, electric vehicle (EV) charging networks, and green hydrogen in India, is aiming for an enterprise valuation between $2 billion and $2.5 billion. However, due to significant debt, the equity value of the asset is estimated to be around $600 million to $700 million.
A spokesperson for Macquarie declined to comment, and inquiries sent to Gentari, JSW Group, Sembcorp, Serentica, and Actis went unanswered.
Gentari’s decision to divest its India business aligns with a broader trend among global energy companies, many of which are either exiting the Indian market or contemplating such moves due to high valuations and growth potential. In June of the previous year, it was reported that Gentari had engaged Standard Chartered Bank to seek potential buyers.
India represents a crucial growth market for Gentari, the clean energy solutions arm of Malaysian energy giant Petronas. The company boasts a renewable energy portfolio of approximately 7GW in India, including projects in development, positioning it as a mid-sized player in the sector. For comparison, Adani Green Energy Ltd, the leader in the renewable energy market, has an operational portfolio of 17.2GW as of December 2025. Earlier this year, Adani Green acquired 1.6GW of solar and wind assets from Brookfield Asset Management for $900 million.
In addition to its renewable energy initiatives, Gentari operates a mobile app for EV charging in India and has partnered with AM Green to invest in green ammonia. The Indian operations are currently led by Sharad Pungalia, who previously served as managing director and CEO of Amplus Solar before its acquisition and merger with Gentari in 2019.
Despite achieving record installation milestones, India’s green energy sector faces challenges, including nearly 44GW of awarded projects stranded without signed power purchase agreements, financially troubled distribution companies avoiding solar due to stagnant demand, and plummeting exchange prices that have dipped to near-zero levels during peak generation hours. Many companies in the renewable energy sector, backed by global private equity firms or strategic investors, are navigating similar difficulties.
**FAQ**
**What is Gentari’s focus in India?**
Gentari is focused on renewable energy, electric vehicle charging networks, and green hydrogen, aiming to expand its presence in the Indian market.
