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Gensol Engineering has now announced acquiring a majority stake in Scorpius Trackers, a single-axis solar tracker company. In its latest self-disclosure before the Bombay Stock Exchange (BSE), the company has announced the acquisition of 54.38 percent shares of Scorpius and voting rights in the company. Gensol Engineering Limited is a part of the Gensol group of companies, which offers engineering, procurement, and construction (EPC) services for the development of solar power plants. The firms promoters are also behind Blu Smart, the EV service.
Scorpius is engaged in designing, developing, marketing and servicing single-axis trackers for solar power generation. "With the acquisition of Scorpius Trackers, Gensol will be able to offer to its clients an end-to-end EPC solution that includes innovative solar tracking technology, thus enabling its customers to reduce their I eve I i zed energy cost," the company said in its filing.
It also said that the acquisition would bolster Gensols position of end-to-end renewable energy solutions. Gensol Group already deals with the Operations and Maintenance (O&M) of solar plants. It now also bolstered its base by engaging with tracking business.
The Company has acquired 58,779 equity shares of Scorpius constituting 54.38% of shares capital and voting rights in Scorpius on September 13, 2023 ("Closing Date"). The company proposed to acquire the remaining share capital of Scorpius within 45 (forty-five) days of the Closing Date. Upon such acquisition, Scorpius will become a wholly owned subsidiary of the company," Genols filing read. |
