New Delhi, Nov. 17 -- The World Bank's International Finance Corp. (IFC), Munich-headquartered Siemens AG, and Singapore's Fullerton Fund Management may acquire at least 49% in Gurugram-based green hydrogen manufacturer Hygenco Green Energies Pvt. Ltd, two people aware of the development said. Avendus Capital is managing the primary equity raise for the deal, which has an equity value of around $125 million and an enterprise value of around $250 million. IFC plans to invest $50 million equity in the company, with the remaining $75 million to be invested by Siemens AG and Fullerton Fund Management. The deal documentation is underway, and the transaction is expected to be announced in mid-December, they added. Hygenco's co-founders Amit Bansal, Anshul Gupta and Ashish Gupta along with their associates, collectively hold a 51% equity share in the company; and the balance 49% is owned by SBICAP Ventures Ltd's SVL-SME Fund, also known as the Neev Fund II. Hygenco plans to invest $2.5 billion over three years to set up green hydrogen projects in the country. The fundraising will help the company, which plans to develop 10 gigawatt (GW) of production and distribution assets by 2030, complete its portfolio. Green hydrogen is generated by breaking down water in an electrolyser. The hydrogen produced can be combined with nitrogen to make ammonia, avoiding hydrocarbons in the production process. Green ammonia is used to store energy and in fertiliser manufacturing. India aims to produce 5 million tonnes (mt) of green hydrogen by 2030. Mint reported in June 2024 that IFC and several other companies had evinced interest in the transaction and had signed non-disclosure agreements (NDAs). These included UAE's Masdar (Abu Dhabi Future Energy Co.), Beijing-headquartered Asian Infrastructure Investment Bank (AIIB), Australia's Macquarie Group, Japan's Sojitz Corp., Mitsubishi Heavy Industries Ltd (MHI) and Marubeni Corp., private equity firm Actis Llp, and Gentari, a unit of Malaysia's state-run oil and gas company Petroliam Nasional Bhd or Petronas. An IFC spokesperson wrote in an emailed response to Mint, " I'm afraid we would give this a pass, given the speculative nature of the query." An external spokesperson for Fullerton Fund Management wrote, "As a matter of policy, we don't comment on market speculation regarding potential transactions. We remain focused on identifying and supporting high-quality businesses that align with our strategic objectives, and we will share updates as appropriate." An Avendus spokesperson in an emailed response said, " We cannot comment on stories of this nature as per policy." A Siemens spokesperson declined comment. Queries emailed to the spokespersons of Hygenco Green Energies Pvt. Ltd, and SBI Capital Markets and SBI Ventures Ltd on Thursday evening remained unanswered. IFC has an $8-billion portfolio in India and plans to double its annual commitments to $10 billion by 2030 from $5.4 billion in FY25. Siemens has a significant presence in the country, with its Indian arm betting on both organic expansion and targeted acquisitions to capture emerging opportunities in electrification, automation, and digitalisation space, managing director and chief executive officer Sunil Mathur said in an earlier interview to Mint....