At a time when startup firms are the flavour of the season, a little known Chennai-based firm dabbling in clean energy has notched a valuation of about $8.5 billion after US-based impact fund TFCC International declared the purchase of a 46% stake in privately-held Ramcharan Group for $4.1 billion.

TFCC will be funding for more than five to seven years, with the first round scheduled to close by January 2022. The transaction size makes it one of the biggest transactions in the sector.

The 55-year-old company, which began with chemicals, later embarked into other sectors comprising education, logistics and restaurants, in addition to clean energy.

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