Chennai: Swelect Energy Systems Ltd on Tuesday said it has bought a 49% stake in HHV Solar, a maker of solar modules, for Rs.22 crore.
Swelect, which makes solar charge controllers and inverters, has appointed its managing director R. Chellappan as the chief executive of HHV Solar, the company said in a statement.
Given the electricity deficiency in India, solar projects are set to grow fast in many Indian states, said V.M. Sivasubramaniam, chairman of Swelect.
The company’s shares were about 3% higher at Rs.161.90 in noon trading on BSE, while the Sensex was nearly unchanged at 20,132.98 points.