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Suzlon Energy Ltd. has acquired a 51% stake in Renom, turning it into a subsidiary. The deal comes alongside Suzlon’s sale of its corporate office, adding momentum to its stock performance, which has gained 215% in the past year.
In a major development, Suzlon Energy Ltd. announced that it has completed the acquisition of 51% of the equity share capital of Renom, as disclosed to the stock exchanges on Friday, September 6. With this acquisition, Renom has officially become a subsidiary of the company, strengthening Suzlon’s position in the renewable energy sector.
This strategic move is seen as part of Suzlon’s broader efforts to expand its presence and capabilities in renewable energy operations and maintenance services, which are essential for the company’s long-term sustainability and growth.
The acquisition of Renom is set to bolster Suzlon’s operational base. Renom specialises in providing services for renewable energy projects, including the maintenance of wind and solar assets. This acquisition aligns with Suzlon's vision to enhance its service offerings across its existing infrastructure.
By taking a controlling stake, Suzlon is positioning itself to tap into new opportunities within the energy sector, leveraging Renom’s expertise to support the company's growth objectives. This step could also enhance Suzlon’s competitiveness in the renewable energy market, especially as India continues to push forward with its green energy goals.
Alongside the Renom acquisition, Suzlon Energy recently signed a conveyance deed with OE Business Park Pvt. Ltd. for the sale of its corporate office, "One Earth Property," located in Pune. This transaction, valued at ₹440 crore, provides additional financial flexibility for the company. Of the total, ₹411.21 crore is towards the conveyance, with ₹28.79 crore earmarked for the reimbursement of stamp duty and other registration charges.
The sale of this high-value property is part of Suzlon’s ongoing strategy to streamline operations and reduce debt, a crucial aspect of its financial restructuring efforts.
Suzlon Energy’s stock performance reflects investor confidence in the company's strategic moves. Shares of Suzlon Energy settled 1.38% lower at ₹74.95 apiece on the NSE on Friday, but the stock has had a phenomenal rise over the past year, gaining 215% in value. The company's share price has surged 95% so far in 2024, underlining Suzlon’s growing strength in the market.
The acquisition of Renom as a subsidiary and the sale of the corporate office are part of Suzlon’s strategic efforts to streamline operations and expand its presence in the renewable energy market. These moves signify the company’s commitment to strengthening its financial health while enhancing its operational capabilities.
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