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ENGIE purchases 90 pct of Simpa Energy India from parent company

Devdiscourse News Desk new delhi Last Updated at 13-11-2018 20:43:22 IST India

Energy services group ENGIE Tuesday announced that it has acquired a controlling stake in Simpa Energy India Pvt Ltd and is investing to fund geographic expansion and accelerate growth.

The move reinforces ENGIE's commitment to decentralized renewable energy solutions globally and supports India's rapid transition to clean power, an ENGIE statement said.

Under the terms of the transaction, the ENGIE has purchased 90 per cent of Simpa Energy India from its parent company, Simpa Networks, Inc., gained a controlling stake in the Indian business, and also made an investment into Simpa Energy India to accelerate further growth, it said

According to the statement, the Simpa Energy India is the leading rural rooftop solar provider in India, selling solar home systems (SHS) to households and small businesses in rural areas of Uttar Pradesh, Bihar and Odisha.

(With inputs from agencies.)

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