The renewable energy services firm Kanoda Energy Systems Pvt. Ltd has agreed to sell 88% stake to Mukesh Ambani-led Reliance Industries Ltd for Rs 75 crore (about $10.7 million) in cash.
The total investment is likely to be completed by March 2020, Reliance Industries said in a stock-exchange filing.
The investment, which was made through its wholly-owned subsidiary Reliance Industrial Investments and Holdings Ltd, will assist RIL’s initiatives to use renewable energy sources, the filing added.
Kanoda Energy’s turnover stood at Rs 10.54 crore in the financial year 2017-18, as against Rs 1.63 crore in the previous year.
Incorporated in 2007, Ahmedabad-based Kanoda Energy offers services in solar advisory, product design and technology validation, and recently, it forayed into engineering, procurement and construction (EPC) and operation and maintenance (O&M) of solar photovoltaic systems.
It had earlier received capital from Ahmedabad-based financial services group Tipsons, its website states.
India’s solar and wind energy industries have been seeing a wave of consolidation as larger players like Tata Power Solar, Adani Solar and the Greenko Group are acquiring smaller companies.
Reference- VCCircle, The Hindu