M&A
Inox Clean acquires US-based Boviet Solar in $750-M deal
New Delhi-based Inox Clean, via its wholly-owned subsidiary Inox Solar Americas, has acquired solar energy assets from Boviet Solar , headquartered in Greenville, NC (USA), in a deal valued at USD 750 million.Boviet Solar is a maker of solar modules. Following the transaction, Inox Clean has gained an operational capacity of 3 GW of solar module manufacturing and secured a binding agreement to acquire an additional 3 GW of cell manufacturing capacity.The company intends to scale its operations to reach 10 GW of installed renewable energy capacity and 11 GW of integrated solar manufacturing capacity by FY28, with a footprint spanning India, the US, and Africa.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
