Chennai-based Swelect Energy Systems Ltd has acquired 49 per cent equity in Bangalore-based HHV Solar Technologies Pvt Ltd for a consideration of Rs 22 crore, as part of its entry into the solar photo voltaic (SPV) modules business.
Swelect Energy’s managing director R Chellappan has been appointed as CEO of HHV Solar.
The acquisition would enable Swelect to grow faster in the Indian solar market.
The company had earlier received approval from the board of directors to subscribe to 10,15,079 equity shares of HHV Solar Technologies and 8,17,391 equity shares held by Sidbi Venture Capital Ltd in HHV Solar Technologies. Sidbi, which had 30 per cent stake in the company, excited with this transaction, said a company official.
Swelect Energy currently has an order book of around Rs 12 crore for immediate execution.