Hero Future Energies (HFE), the clean energy arm of Hero Group, became the first Indian green energy company to shift base to the UK, expecting to tap into global funds for future growth. The decision bore fruit last August when leading private equity fund KKR invested $450 million (along with parent company Hero Group) in HFE.
The fund infusion came just months after HFE reported a loss of $108 million in the financial year that ended in March 2022.
The company reported that its “networth has completely eroded owing to accumulated losses of $378 million, and the group’s current liabilities of $578 million exceeded its current assets of $264 million as on balance sheet date (March 31, 2022)”.
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