Softbank scraps renewable deal with CPPIB, to continue running SB Energy with Bharti

Masayoshi Son led Softbank Group has abandoned its plans to divest its renewable business in India — SB Energy Holdings – after carrying out a full blown global sale process for over a year. The Japanese technology and telecoms conglomerate have terminated its agreement to sell its 80% stake in the joint venture to Canada Pension Plan Investment Board (CPPIB), earlier this week, after disagreements over valuation, terms and conditions of the shareholder agreement (SHA) and governance rights could not be resolved between all parties concerned, said multiple people aware of the developments.

The plan, for now at least, is to continue running the business together with its original JV partner Bharti Enterprises.

The operating team members of SB Energy were informed of these developments earlier on Thursday morning.