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How Chanda Kochhar’s family built a renewable energy company with the Dhoots’ blessings
Chanda and Deepak Kochhar (Image: PTI) NuPower Renewables Private Ltd, the energy company at the centre of a suspected Rs 3,250 crore loan scam involving ICICI Bank and Videocon Group, was formed on December 18, 2008, with seven shareholders. Virendra Kumar Kochhar and Vinodini Kochhar are parents of Deepak Kochhar. According to people familiar with the development, DH Renewable entered NuPower as a minority shareholder first, but over a period of time became a majority shareholder after some existing investors sold their stake at a premium. Timing of NuPower incorporation The timing of the incorporation of NuPower Renewables is critical because Videocon Group companies received ICICI Bank loans between 2008 and 2012. For instance, one of the five companies in the Videocon Group, Evans Fraser & Company India Limited, which was a co-obligor to the ICICI Bank loan in 2012, had net sales of just Rs 75 crore in 2011 and a net profit of Rs 94 lakh. Subsequently, the Videocon boss lent Rs 64 crore to the firm and eventually transferred the entire stake to Deepak Kochhar’s family as explained above. Source - https://www.moneycontrol.com/news/business/how-chanda-kochhars-family-built-a-renewable-energy-company-with-the-dhoots-blessings-nupower-9776981.html
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