SunEdison Infrastructure Limited has announced that its Board has approved the majority acquisition of two RE firms.
Chennai-based renewable energy company SunEdison Infrastructure Limited (SIL, formerly YKM Industries Limited) has announced that its Board has considered and approved the majority acquisition of Megamic Electronics Private Limited and Enrecover Energy Solutions Private Limited.
SunEdison, which is into the installation of solar water pumps, solar rooftop panels, etc announced of the development in a BSE filing. The company is hoping that the acquisition will help SIL in delivering high-performance solar assets to the customers with improved customer service and visibility.
SIL will acquire a 51 percent majority stake is Megamic Electronics, which works in the development of Remote Monitoring Solutions with performance analysis and control solutions. These solutions can be used in Solar Plant (>50 Kw) that needs monitoring, EPC companies, O&M companies, and Solar Pump Monitoring.
As per the audited financials of FY 2017-18, the turnover of the company was Rs 63.05 lakh, SIL will pay Rs 1 crore and give up 0.3 percent equity shares in SIL in exchange of the majority stake in the solar monitoring firm.
Enrecover Energy Recover Solutions was founded in 2017 in Pune by 3 promoters graduated from Vellore Institute of Technology. The design and engineering company is involved in the business of heat recovery. The company has found a way to extract power from industrial process output such as high-pressure steam in sugar mill industry, radiation heat on top of rail wagons in a thermal/steel plant, etc. using a heat recovery cycle called Organic Rankine cycle. They are currently doing a pilot in Tata Steel and have designed, manufactured and installed a 100kW system to recover heat.
SIL will pay Rs 1.12 crore for acquiring a majority stake in the company.
According to the regulatory filing issued by SIL, the acquisitions will go through only after execution of the shareholder agreement and share purchase agreements between the company and respective shareholders of the company and approval of share transfers by the Board of Directors of the respective companies. The estimated timeline is 2 months.