Firstland Holdings Ltd is slowly emerging out of the shadows.
The identity of the NuPower Renewables investor was not earlier known. NuPower has been in the news after allegations that the Deepak Kochchar-led company received capital in exchange for loans passed by ICICI Bank. His wife, Chanda Kochhar heads the bank. All parties involved have denied wrongdoing.
Firstland, which first invested in NuPower after 2010, has been in existence for over a decade, has made multiple India investments and is linked to an Indian technology-to-fertiliser group, shows an analysis of various public documents.
It was set up on December 28, 2007, in Mauritius. It is registered as a Global Business Category 1 (GBC1) company with registration number C076560, shows Mauritius Ministry of Finance & Economic Development, Companies Division data sourced from global business database OpenCorporates.
Records show that Firstland Holdings is located in Hennessy Court, 7th floor, office number 7007 Pope Hennessy Street, Port Louis, Mauritius.
While it has had a number of trysts with India in the years since then as a foreign investor, its India ties run deeper than the capital it deployed.
ALSO READ: ICICI board unaware of Kanodias' investment in Deepak Kochhar's NuPower
One of the companies of the group Matix Fertilisers and Chemicals Limited in its annual report mentions that Firstland Holdings is directly related to the company, owning its shares through another Mauritius subsidiary.
“Matix Fertilisers Holdings Limited, Mauritius is the holding company of your company and the ultimate holding Company is Firstland Holdings Limited, Mauritius,” said the 2013 annual report. The Matix Group was set up by the Kanodia family which also runs the information technology Datamatics Group.
The fertilizer company has interests in West Bengal. It has a fertilizer complex in the state at Panagarh near Durgapur, shows information on its website. It has set up a 2,200-metric-tonne-per-day ammonia plant. It has also set up 3,850 metric-tonne-per-day urea plant.
graph The Department of Industrial Policy & Promotion (DIPP)’s June 2009 quarter foreign direct investment approvals shows that the Firstland also invested Rs 2,144.9 million in NSK Holdings Private Limited. NSK had a loss of Rs 304,840 during the financial year 2008-09. NSK’s business activity was limited, according to its annual report. The annual report also mentions key management personnel. The two directors are Yogendra Kanodia and Nishant Kanodia, who run the Matix Group.
ALSO READ: ICICI Bank loan case: CBI questions NuPower Renewables CFO Sunia Bhuta
It appeared to have invested in NuPower shortly afterwards.
NuPower in its December 2010 special resolution prior to the fund-raising noted that it is in the process of setting up a 150 megawatt wind power project Tamil Nadu. The project cost was Rs.10.45 billion. The company was to raise 70 per cent from banks and financial institutions and the rest from Firstland. It acquired the preference shares in multiple tranches including in 2011, and 2012.
“…post conversion of all the CCPS into equity shares of the Company, the Investor will hold equity shares representing 49 per cent of the share capital of the Company calculated on a fully diluted basis,” said the original resolution.
However, the shares were instead sold to DH Renewables. Firstland reportedly said that it had recovered its capital.
The identity of the NuPower Renewables investor was not earlier known. NuPower has been in the news after allegations that the Deepak Kochchar-led company received capital in exchange for loans passed by ICICI Bank. His wife, Chanda Kochhar heads the bank. All parties involved have denied wrongdoing.
Firstland, which first invested in NuPower after 2010, has been in existence for over a decade, has made multiple India investments and is linked to an Indian technology-to-fertiliser group, shows an analysis of various public documents.
It was set up on December 28, 2007, in Mauritius. It is registered as a Global Business Category 1 (GBC1) company with registration number C076560, shows Mauritius Ministry of Finance & Economic Development, Companies Division data sourced from global business database OpenCorporates.
Records show that Firstland Holdings is located in Hennessy Court, 7th floor, office number 7007 Pope Hennessy Street, Port Louis, Mauritius.
While it has had a number of trysts with India in the years since then as a foreign investor, its India ties run deeper than the capital it deployed.
ALSO READ: ICICI board unaware of Kanodias' investment in Deepak Kochhar's NuPower
One of the companies of the group Matix Fertilisers and Chemicals Limited in its annual report mentions that Firstland Holdings is directly related to the company, owning its shares through another Mauritius subsidiary.
“Matix Fertilisers Holdings Limited, Mauritius is the holding company of your company and the ultimate holding Company is Firstland Holdings Limited, Mauritius,” said the 2013 annual report. The Matix Group was set up by the Kanodia family which also runs the information technology Datamatics Group.
The fertilizer company has interests in West Bengal. It has a fertilizer complex in the state at Panagarh near Durgapur, shows information on its website. It has set up a 2,200-metric-tonne-per-day ammonia plant. It has also set up 3,850 metric-tonne-per-day urea plant.
graph The Department of Industrial Policy & Promotion (DIPP)’s June 2009 quarter foreign direct investment approvals shows that the Firstland also invested Rs 2,144.9 million in NSK Holdings Private Limited. NSK had a loss of Rs 304,840 during the financial year 2008-09. NSK’s business activity was limited, according to its annual report. The annual report also mentions key management personnel. The two directors are Yogendra Kanodia and Nishant Kanodia, who run the Matix Group.
ALSO READ: ICICI Bank loan case: CBI questions NuPower Renewables CFO Sunia Bhuta
It appeared to have invested in NuPower shortly afterwards.
NuPower in its December 2010 special resolution prior to the fund-raising noted that it is in the process of setting up a 150 megawatt wind power project Tamil Nadu. The project cost was Rs.10.45 billion. The company was to raise 70 per cent from banks and financial institutions and the rest from Firstland. It acquired the preference shares in multiple tranches including in 2011, and 2012.
“…post conversion of all the CCPS into equity shares of the Company, the Investor will hold equity shares representing 49 per cent of the share capital of the Company calculated on a fully diluted basis,” said the original resolution.
However, the shares were instead sold to DH Renewables. Firstland reportedly said that it had recovered its capital.
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