New Delhi: Suzlon Energy share price is expected to be in focus on Wednesday, a day after the renewable energy solutions company announced its plans to acquire a 76 per cent stake in Renom Energy Services for Rs 660 crore in two tranches from Sanjay Ghodawat Group.
According to Suzlon’s statement, the first tranche will ensure the acquisition of a 51 per cent stake for a consideration of Rs 400 crore and the second tranche, will lead to acquisition of additional 25 per cent stake within 18 months from the acquisition of the first tranche for a consideration of Rs 260 crore.
Suzlon share price and Q1 Results
Suzlon has turned to be a multibagger in recent years. The green energy stock has surged over 35 per cent in the last 6 months and over 250 per cent in the last one year.
In its Q1 Results 2024-25, Suzlon declared 200 pern cent Y-O-Y profit growth to Rs 302 crores. The company informed that the quarterly results was the highest Q1 deliveries in last 7 years at 274 MW. The company also recorded its highest quarterly EBITDA in 7 years at Rs 370 crores and mentioned that it has the largest-ever order book of 3.8 GW since inception (29 years).
Suzlon to acquire stake in Renom Energy
The acquisition is going to help Suzlon immensely as Renom is the largest multi-brand operations and maintenance service provider in India. It has assets of 1,782 MW in wind, 148 MW in solar, and 572 MW in BOP under maintenance across customer segments, it stated.
Girish Tanti, Vice Chairman, Suzlon Group, said in the statement, “This acquisition aligns with Suzlon Group’s vision of leveraging growth while safeguarding our country’s renewable energy assets, irrespective of their original make.” Shrenik Ghodawat, Managing Director, Sanjay Ghodawat Group, said, “This strategic move not only provides Renom the platform to grow alongside the Suzlon Group but also allows SGG to focus on its core verticals of aviation, education, consumer products, and retail.”
(Disclaimer: This article is only meant to provide information. News9live.com does not recommend buying or selling shares or subscriptions of any IPO and Mutual Funds.)
Suzlon share price is all set o be in focus on August 7, 2024 as the company announced its plans to acquire 76 per cent stake in Renom Energy Services for Rs 660 crore. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
