New Delhi: Suzlon Energy announced on Friday that it has completed the acquisition of a 51% stake in Renom Energy’s equity share capital as of September 6, making Renom Energy a subsidiary of Suzlon.
The company had previously communicated on August 6, 2024, that it would acquire 51% of Renom’s equity share capital. Following this acquisition, Renom Energy is now a subsidiary of Suzlon Energy, as stated in the company’s exchange filing.
Earlier in August, the Board of Directors of Suzlon Energy Ltd. had approved the purchase of a 76% stake in Renom Energy Services for ₹660 crore, to be carried out in two stages, according to the company’s disclosure to the Bombay Stock Exchange.
The board of directors of Suzlon Energy Limited, in its meeting on August 6, 2024, approved the acquisition of 22,80,000 equity shares, which represent a 76% stake in Renom Energy Services Private Limited, to be acquired by the company in multiple tranches, Suzlon disclosed in the filing. The initial phase involves Suzlon acquiring a 51% share in Renom for ₹400 crore. Within the next 18 months, Suzlon will acquire an additional 25% stake for ₹260 crore, as per the company’s filing.
Renom Energy Services is a prominent multi-brand operations and maintenance provider in the renewable energy sector, managing 1,782 MW in wind energy, 148 MW in solar energy, and 572 MW in Balance of Plant (BOP) maintenance across various customer segments. The company reported a turnover of Rs 213 crore for the financial year ending in 2024.
