Suzlon buys five firms for solar operations1 min read . Updated: 19 Apr 2016, 07:42 PM IST
The acquired companies are Gale Solarfarms, Tornado Solarfarms, Abha Solarfarms, Aalok Solarfarms and Shreyas Solarfarms
New Delhi: Wind turbine maker Suzlon Energy Ltd has acquired five companies for an undisclosed sum to help implement its diversification into the solar energy industry, including the execution of its recently won 70 megawatt (MW) solar project in Maharashtra, the company informed the BSE on Tuesday.
However, Suzlon will keep its foray into the solar power business independent of its wind energy operations through separate companies. Keeping solar power operations separate will help investors participate in this business selectively.
The acquired companies are Gale Solarfarms Pvt. Ltd, Tornado Solarfarms Pvt. Ltd, Abha Solarfarms Pvt. Ltd, Aalok Solarfarms Pvt. Ltd and Shreyas Solarfarms Pvt. Ltd.
“These companies, which have been acquired at face value, do not have any operations or assets currently and have been acquired primarily to be used as special purpose vehicles for the proposed solar project," the company stated.
A person close to the development said the amount involved in the acquisition is “minimal".
When contacted with regard to the acquisition, a Suzlon spokesperson said, “The companies do not own any assets and are acquired at face value, accordingly nominal price has been paid for the same."
Suzlon, which has helped its power sector customers install 15GW of wind energy capacity, manufactures turbines in India and has research and development facilities in Germany, the Netherlands and Denmark, apart from India. About 9GW of the Pune-based firm’s installation is in India, accounting for 37% of the country’s wind installations.