M&A

M&A

Gensol Engineering to sell Scorpius Trackers’ US arm for Rs.350-Cr

Business Standard  

Publicly-listed Gensol Engineering has inked a pact for sale of its US subsidiary Scorpius Trackers Inc for INR 350 crore to a major renewable energy solutions provider in the US. The deal includes the transfer of exclusive and global intellectual property (IP) rights (except India) for Scorpius Trackers' advanced solar tracking technology.The proceeds from the transaction will be redeployed to expand Scorpius Trackers' operations in India, fuel solar EPC business growth, and support Gensol's broader clean energy initiatives.

In Mar 2023, Gensol Engineering Ltd had acquired 100% stake in Pune-based Scorpius Trackers Pvt Ltd for INR 135 crore.