Acquisition News: Suzlon Energy Acquires Remon Energy Services in Rs 400 Cr

Share Market News: Suzlon Energy has acquired 51% stake in Renom Energy Services in Rs. 400 Cr, making Renom a subsidiary of Suzlon. Earlier, the company had said that Suzlon is planning to buy 76% shares from Sanjay Ghodawat Group in Renom Energy. This purchase will be completed in two stages, from which 51% share has already been purchased. Within the next 18 months, the company will also acquire an additional 25% share for Rs. 260 Cr. 

Suzlon Energy Shares

Renom is one of the largest multi-brand operations and service providers in the country. Renom has the responsibility of maintenance of 1782 MW in wind segment, 148 MW in solar, and 572 MW in Balance of  Plant (BOP). With this acquisition, there will be a lot of growth in the capacity of Suzlon as well. The deal also increased Suzlon’s shares. After the market opened, there was a sharp increase of about 2.5% in the stock and the counter is trading around Rs. 76.65.