Suzlon Energy Ltd. has announced a significant strategic move, with its Board of Directors approving the acquisition of a 76% stake in Renom Energy Services. The deal, valued at ₹660 crore, will be completed in two phases, according to a filing with the Bombay Stock Exchange (BSE) on August 6, 2024.
Under the terms of the agreement, Suzlon will first acquire 51% of Renom’s equity for ₹400 crore. The remaining 25% stake will be purchased within the next 18 months for an additional ₹260 crore. This phased acquisition will bring Suzlon a substantial presence in the multi-brand renewable energy operations and maintenance sector.
Renom Energy Services is a major player in the renewable energy market, managing assets of 1,782 megawatts (MW) in wind energy, 148 MW in solar power, and 572 MW in balance of plant (BOP) services. The company reported a turnover of ₹213 crore for the financial year ending 2024.
Suzlon’s acquisition aims to enhance its position as a leading Independent Service Provider (ISP) for multi-brand renewable energy assets, allowing the company to leverage Renom’s capabilities and access to a substantial portfolio of non-Suzlon wind energy assets in India.
JP Chalasani, CEO of Suzlon Group, highlighted the strategic benefits of the acquisition, stating that it will position Suzlon comprehensively across the Indian renewables operations and maintenance sector.
Following the announcement, Suzlon’s shares closed 2.43% lower at ₹66.26, down from ₹67.91 in the previous market session. The acquisition details were disclosed after the market closed for the day.
I’m a finance writer with three years of experience in investment analysis. At Investorwelcome , I translate complex financial concepts into clear, actionable insights to help investors navigate the market with confidence. Combining my solid academic background with practical industry knowledge, I’m dedicated to providing readers with accurate and timely information. My goal is to empower both new and seasoned investors by simplifying intricate data and offering strategic advice. When I’m not writing, I stay engaged with market trends and investment innovations to ensure my content remains relevant and valuable.
