Surana Telecom acquires majority stake in Arhyama Energy

The target company is setting up a 10-Mw solar power project at a cost of Rs 83 crore

Hyderabad-based telecom and solar energy company Surana Telecom and Power Limited today acquired a majority stake of 51 per cent in Arhyama Energy Private Limited, which is implementing a 10-Mw solar power project in the neighbouring Nalgonda district of Telangana.

While the target company has put land and power purchase agreements (PPAs) in place for the proposed project, Surana Telecom would make the rest of the investment to complete the project following the acquisition. The promoters of Arhyama Energy would retain 49 per cent equity in the company.

"We will make the required investment to complete the project by August-September this year," Narender Surana, managing director of Surana Telecom and Power, told Business Standard.

The total investment outlay of the project is estimated at Rs 82.80 crore, according to the public-listed company.

Arhyama Energy had signed a PPA for supply of 6 Mw power with the business process outsourcing company, Genpact, under the open access route. It signed a similar agreement with a pharmaceutical company for the remaining 4 Mw, according to Surana.

Surana Telecom and Power is already running its 5-Mw solar power project at Gujarat Solar Park and a 5-Mw solar power plant through its subsidiary, Surana Solar Systems Private Limited, in Medak district of Telangana. Further, a 10-Mw solar project is under construction, taking the total installed capacity to 30 Mw after the completion of these projects.