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Confidential Information: Round 6

The Malhotra Brothers are considering an acquisition proposal from BlueNova Capital for a majority stake in Voltura Singapore, valuing the company at INR 210 crores. BlueNova's interest is contingent on the Founders remaining in management for three years and achieving a beta test for Voltura Grip. The Malhotras view this as a potential exit strategy while Light Saver's Board faces pressure to demonstrate progress on Voltura's profitability.

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2 views2 pages

Confidential Information: Round 6

The Malhotra Brothers are considering an acquisition proposal from BlueNova Capital for a majority stake in Voltura Singapore, valuing the company at INR 210 crores. BlueNova's interest is contingent on the Founders remaining in management for three years and achieving a beta test for Voltura Grip. The Malhotras view this as a potential exit strategy while Light Saver's Board faces pressure to demonstrate progress on Voltura's profitability.

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varunhupta
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© All Rights Reserved
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CONFIDENTIAL

INFORMATION
[ROUND 6]

Championing Mediation in India


Round 6
By Keshav Somani, Associate, Khaitan and Co.

Confidential Information: Investor (Malhotra Brothers)

The Investor has recently been approached by an international clean-tech fund, BlueNova Capital, which
has expressed interest in acquiring a majority stake in Voltura Singapore. BlueNova has a strong
portfolio in renewable infrastructure and EV technologies across Southeast Asia and Europe. Their
proposal values Voltura Singapore at INR 210 crores, which, in the Malhotras’ view, is a fair reflection
of Voltura’s brand, technology, and long-term potential, even in its current financial distress.

However, BlueNova’s interest is contingent on two key conditions: that the Founders must continue in
management for at least 3 more years to ensure operational continuity and technological stability, and
within these 3 years, Voltura Grip should at least be capable of a beta test.

The Malhotras have not disclosed this approach to the Founders yet. They see BlueNova’s proposal as a
potential win-win — it offers them a clean exit at a reasonable valuation, while ensuring that Voltura can
continue growing under professional supervision.

At the same time, Light Saver’s Board is under increasing pressure from its limited partners to either
secure an exit or demonstrate progress on Voltura’s profitability. The investment in Voltura has been a
significant line item in their portfolio for over five years, with little or no returns.

In internal discussions, Prakash has expressed willingness to consider a staggered exit, where the
Malhotras could sell part of their stake to BlueNova while retaining a smaller strategic shareholding for
12–18 months post-acquisition, in exchange for board representation, reserved-matter rights and a
performance-linked upside if Voltura achieves certain financial targets.

~ End ~

Championing Mediation in India

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