M&A

M&A

Sanmar Group acquires majority stake in renewable energy co. AltEons

Economic Times   AltEons Energy  

Chennai-based Sanmar Group has acquired a majority stake in Hyderabad-based AltEons Energy , which will become a subsidiary of the Sanmar Group.Founded by CEO Srinivasan Viswanathan, AltEons Energy specializes in renewable power through wind, solar, and battery storage systems to provide consistent energy.The company plans to use the newly raised capital to advance the construction of its initial 210 MW wind-solar-battery hybrid project in Maharashtra.Sanmar Group primarily operates in chemicals, engineering, and shipping.

For FY25, Alteons Energy had reported about INR 0.34 Cr in Net Loss.