Suzlon Energy Acquires Majority Stake in Renom Energy for Rs 660 Crore

Suzlon Energy announced it will acquire a 76% stake in Renom Energy Services for Rs 660 crore from Sanjay Ghodawat Group. The acquisition is set in two tranches, with Suzlon acquiring 51% first and an additional 25% later. This move will strengthen Renom's position in the renewable energy sector.

Suzlon Energy's board announced on Tuesday that it will acquire a 76 percent stake in Renom Energy Services for Rs 660 crore, structured in two tranches, from the Sanjay Ghodawat Group.

In the first tranche, Suzlon will acquire a 51 percent stake for Rs 400 crore. The second tranche involves acquiring an additional 25 percent within 18 months for Rs 260 crore, according to a company statement. Suzlon has executed definitive agreements to finalize this acquisition in two stages.

Renom is India's largest multi-brand operations and maintenance service provider, with assets including 1,782 MW in wind, 148 MW in solar, and 572 MW in BOP under maintenance. This strategic acquisition aims to unlock Renom's core potential and position it as a leading independent service provider. Girish Tanti, Vice Chairman of Suzlon Group, emphasized the alignment with Suzlon's vision of leveraging growth and safeguarding renewable energy assets.

(With inputs from agencies.)