Reliance Industrial Investments and Holdings (RIIHL), a subsidiary of Reliance Industries (RIL), has entered into an agreement with Kanoda Energy Systems (KESL) to acquire majority stake for INR750m ($10.6m).
The said investment upon completion will translate into 88% equity stake in KESL on a fully diluted basis. The total investment is likely to be completed by March 2020.
KESL is a renewable energy services company incorporated on 24th August 2007.
KESL has presence in specialized fields of solar advisory, product design and technology validation and recently forayed into engineering, procurement & construction (EPC) and operation & maintenance (O&M) of solar photovoltaic (PV) systems.
KESL had turnover of INR105.4m ($1.51m), INR 16.3m ($23,000) and Nil and Net Profit (Loss) of INR 8.138m ($12,000), INR 1.654m ($23626) and INR51,000 ($728.52) in FY 2018, FY 2017 and FY 2016 respectively.
The aforesaid investment will assist in the group’s initiatives to use renewable energy sources.
Source: Company Press Release