Suzlon Energy has confirmed the successful acquisition of a 51% stake in Renom Energy Services Private Limited.
What Happened: In a formal communication to the exchanges, Suzlon Energy affirmed the completion of its acquisition of 51% of Renom Energy Services’ equity share capital. The announcement was made on Thursday evening. With this acquisition, Renom Energy Services is now a subsidiary of Suzlon Energy.
This acquisition comes after Suzlon Energy’s announcement last month, of its intent to acquire a 76% stake in Renom Energy Services. The deal is to be executed in two stages, with an immediate purchase of 51% for ₹400 crore, followed by an additional 25% acquisition within 18 months for ₹260 crore.
See Also: Suzlon Shares Could Hit ₹124 Levels, Says Technical Analyst
Renom Energy Services, a leading multi-brand renewable energy operations and maintenance service company, manages assets of 1,782 megawatts in wind, 148 megawatts in solar, and 572 megawatts in BOP. Despite the acquisition, it will continue to operate as an independent board-managed ISP (Independent Service Provider).
The deal is expected to bolster Renom's core potential and position it as a leading custodian of multi-brand renewable energy assets.
Price Action: Suzlon’s share price was down 1.68% to close at ₹74.72 on Friday.
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