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Harsha Engineers Ltd (“Harsha”) a Gujarat-based global solution provider of bearing cages as well as special purpose stamped components has entered into a majority stake joint venture agreement with German firm Abakus Solar AG, having long-standing experience in Solar Photovoltaic (Solar PV) business. Deloitte Touche Tohmatsu India Pvt. Ltd assisted Harsha in the deal as the company was keen to diversify into the solar energy space, in order to tap the enormous potential in this sector in India.
The joint venture, which is the first of its kind in Gujarat, will help Harsha grow to be an EPC contractor/Systems integrator for Solar PV applications, including power plants, rooftops, BIPV etc.
It will enable Harsha to bring world-class capabilities for assisting Solar PV power generation companies set up and maintain Solar PV power plants, and thus play an important role in realizing the solar mission of Gujarat as well as India. “We have strong engineering and execution skills in addition to in-depth understanding of the Indian renewable energy market. By bringing Abakus solar on board we have made sure that the joint venture Harsha Abakus Solar will also offer 15 years of technical expertise and system integration experience of Solar PV industry along with direct links to production capacities.” said Munjal Rangwala, CEO of Harsha Abakus Solar.
“Solar PV application is a technology-intensive process requiring high expertise and know-how. It is challenging for a new entrant to replicate the success of companies having a long standing in the Solar PV market,” said Kalpana Jain, Senior Director, Deloitte Touche Tohmatsu India Private Limited. “Harsha was therefore advised to seek a joint venture (JV) partner who could bring in the appropriate know-how and skill-sets facilitating the company’s expansion plans.”
Deloitte assisted Harsha in preparation of an information memorandum, identifying and approaching several potential JV partners in Germany, short listing the potential partners, facilitating site visits and meetings with potential partners in Germany, business planning/modelling, negotiations with the partner, and reaching a definitive JV agreement.