Suzlon Energy Ltd.’s Board of Directors have given the green signal for the acquisition of a 76% stake in Renom Energy Services for ₹660 crore in two phases. The deal, disclosed in a BSE filing on August 6, aims to strengthen Suzlon’s position in the renewable energy sector. #SuzlonEnergy #RenomEnergy #RenewableEnergy #Acquisition
The first phase of the deal involves Suzlon acquiring 51% of Renom’s shares for ₹400 crore, followed by another 25% acquisition within 18 months for ₹260 crore. Renom Energy Services is a prominent renewable energy operations and maintenance service provider, managing assets in the wind and solar segments. The company’s annual turnover for 2024 was disclosed as ₹213 crore. #OperationsandMaintenance #RenewableEnergyAssets
Suzlon views this acquisition as a strategic move to enhance Renom’s capabilities and solidify its position as a leading Independent Service Provider in the renewable energy sector. This venture will also allow Suzlon to tap into over 32 GW of non-Suzlon wind energy assets in India. #StrategicAcquisition #IndiaRenewables
JP Chalasani, the CEO of Suzlon Group, expressed excitement about the merger, stating that it will broaden their reach across the Indian Renewables Operations and Maintenance sector. Post the acquisition announcement, Suzlon Energy’s shares witnessed a 2.43% decrease, closing at ₹66.26. #CEOSpeaks #IndianRenewables #AcquisitionNews #MarketUpdate