Price Waterhouse's NuPower Renewables valuation under I-T department lens

Govt agencies probing funds raised from tax haven

Avaluation report prepared by Price Waterhouse (PW) on NuPower Renewables in December 2016 has come under the lens of government agencies. It is being assessed whether NuPower’s assets were overvalued when it raised equity funds from entities located in tax havens abroad. 

This PW valuation report was used by DH Renewables (DHRL), a Mauritius-based fund, to convert its preference shares worth Rs 4 billion in the loss-making company in March 2017, and was used by NuPower to buy back its shares from DHRL a month later.

According NuPower, for 2016-2017, its total capital employed (equity plus debt) was Rs 8.59 billion and